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New Cape Town stock exchange opens for trading

Watch the historic moment as Cape Town Stock Exchange rings the opening bell for the first time đź””.
New Cape Town stock exchange opens for trading

The Cape Town Stock Exchange (formally 4AX) launched on Thursday in Woodstock, Cape Town with TWK Agri listed as the first company to trade on the stock exchange.

The new Cape Town Stock Exchange has pledged to lure firms from across the continent with listing costs that are a third of the Johannesburg Stock Exchange (JSE).

It aims to become the Nasdaq of Africa, able to attract companies looking to raise capital in Kenya, Nigeria, Ghana and others.

“We reduce the cost, risk, time and complexity for companies looking to list.”

“This, and owning our technology, enables us to target small and medium firms of between R25 million ($1.7 million) to R2 billion market capitalization,” said chief executive officer Eugene Booysen.

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Western Cape premier Alan Winde, said the province has long been a financial hub in the country and the provincial government will continue to play its part in positioning it as the tech capital of Africa.

“The pandemic has taken a severe toll on our economy, with many having lost jobs. Our top priority is to recover by growing the economy, attracting investment & creating jobs. We hope that a Stock Exchange in our own province will help with this important objective,” Winde said.

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