Business & Industry Markets answer JSE’s call to support Solidarity Fund

Markets answer JSE’s call to support Solidarity Fund

The JSE has raised an astronomical R34.4 million for the solidarity fund

Funds raised from the #Trade4Solidarity campaign on the 15-16th of April will be donated to the Solidarity Fund

South Africa’s traders have opened their hearts and wallets, enabling the Johannesburg Stock Exchange (JSE) to contribute R34.4-million to the president’s coronavirus-necessitated Solidarity Fund through its #Trade4Solidarity campaign.

The JSE’s inaugural #Trade4Solidarity campaign was held over two days – on April 15-16 – with revenues earned by the bourse  across all asset classes over the two days donated to the Solidarity Fund.

“When President Cyril Ramaphosa launched the fund we knew we had to rise up and play our part,” says JSE Group CEO Leila Fourie. 

“We put out a call to our market participants and I am humbled at how everyone has rallied together as the capital markets ecosystem in our efforts to donate to the fund. 

“The money raised will no doubt touch many lives that have been impacted by the coronavirus.”

The Solidarity Fund is a special vehicle set up to help government and civil society fund South Africa’s response to the pandemic, prevent its further transmission and support those affected by it.

“As South Africans we are known for our resilience and I am so pleased and thankful to the JSE, financial market members, organisations and ordinary South Africans who have really rallied together in their support of South Africans in our time of need by donating to the Solidarity Fund.”

Gloria Serobe (Fund chairperson)

The Covid-19 crisis has amplified high and growing unemployment and inequality in this country – and this drove the JSE’s conviction to unite the industry through its new #Trade4Solidarity initiative.

Fourie says 38 companies and brokers, big and small, stepped up by contributing a portion of their trading revenues to the fund over the two days.

Strate CEO Andre Nortje, who also participated, says: “I am sure I speak for all the market participants when I say we are grateful for the opportunity to get involved and play our part. 

“Knowing that all the money raised will make a real difference to the people who need it the most in the fight against this pandemic is greatly comforting.”

Andre Nortje

In addition to  the #Trade4Solidarity pledge, the JSE board and Fourie pledged at least 30% of their salaries to the Solidarity Fund for the next three months. 

Members of the JSE executive will be making contributions and Fourie also appealed to her staff  to contribute individually.

“Employees donated in their personal capacity and I must applaud all my colleagues who gave so generously, and without reservation.”

“All donations from government, corporates and ordinary South Africans will be used to fight the greatest public health crisis this world has witnessed in our lifetime.”

Leila Fourie

The JSE is the largest stock exchange in Africa and has been operating for 130 years.

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