Buying a Capitec share on Monday will mean choosing where to buy it. The bank has approval for a secondary listing on A2X, an exchange licensed alongside the JSE, and its ordinary shares start trading there on 7 September. Nothing about the company itself changes: Capitec keeps its primary listing on the JSE, and the number of shares in issue stays the same.
A secondary listing is not a second batch of shares. The same share is quoted on two venues, which gives a broker somewhere to compare when it fills an order, and that comparison is what the industry means by best execution. A2X says the arrangement broadens access to Capitec's shares and supports how easily they trade. Chief financial officer Grant Hardy made the same case from the bank's side, calling it an additional venue and better liquidity for shareholders.
The brokers behind the 85%
JPMorgan Equities South Africa began trading on A2X on 3 September. With JPMorgan on the platform, A2X says its members now account for 85% of trades in listed securities executed in South Africa. Ockie Raubenheimer, who runs the bank's South African cash equities execution, said joining expands the liquidity its clients can reach. JPMorgan lines up alongside Peresec Prime Brokers, RMB Morgan Stanley and SBG Securities.
The list of what trades there has been growing too. A2X carries 167 securities, including 30 of the JSE's top 40 companies, and puts their combined market value above R13 trillion. AngloGold Ashanti, Sanlam, Discovery, Standard Bank, Prosus and Naspers have all taken secondary listings on it. Capitec joins a group of South African banking companies already there.
Why Capitec is worth the trouble
Capitec listed on the JSE in February 2002 and is now worth almost R537 billion. It reported a record profit of R16.8 billion in its 2026 financial year. Under Gerrie Fourie, who handed the job to Graham Lee in July 2025, it added more than 20 million clients and pushed into life insurance, value-added services and business banking.
A2X was built to compete on price and execution rather than to attract new companies to market, and Kevin Brady, its chief executive, makes cost savings and execution quality the pitch. Its 85% figure counts the brokers who can trade there, not the volume that does. From Monday, Capitec shareholders find out which venue their broker picks.
