UMNOTHO IN EMBRYO
JSE works on market for micro businesses
The planned sub-AltX retail market will help small entrepreneurs, such as spaza shops, raise capital
The JSE planned to launch a sub-AltX retail market to help small entrepreneurs, such as spaza shops, raise capital and to attract more retail investors, said CEO Nicky Newton-King. The new market, Umnotho, had been in development for three years and was partly a response to Gauteng Premier David Makhura’s challenge to mobilise finance for township entrepreneurs, she said. Umnotho would help entrepreneurs with investor-relations documentation, she said. "We’ve completely rethought the way we ask people to build their own documentation for listing." Newton-King was speaking on the release of the JSE’s financial results for the year to end-December 2016. Less buoyant market activity than the previous year led to a decrease in profit from operating activities of 4.9%, while aftertax earnings rose just 2% (to R920m). Operating revenue grew 10% to R2.3bn. "Costs grew slightly faster than revenue, which was a consequence of technology investments," she said. The JSE spent R283m on technolo...
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