Stock exchange newcomer A2X Markets (A2X) has outpaced slightly older rivals ZAR X and 4Africa Exchange in the market capitalisation stakes, listing firms worth a collective R40bn on its launch two weeks ago. A2X has signed up fund manager Coronation, financial services group Peregrine and investment company African Rainbow Capital as secondary listings on the exchange. "We have a nice pipeline of companies looking to secondary list on A2X," says CEO Kevin Brady. "We are obviously unable to announce the names of these companies until they have formally applied and been approved." This has left ZAR X’s Senwes, Senwes Beleggings, and TWK Investments – which listed between November 2016 and June 2017, and are worth a collective R3.3bn — in the dust. "TWK is the first of a series of listings we will be announcing in the next several weeks," ZAR X CEO Etienne Nel said on TWK’s listing in June. "The other listings will cover different industry sectors, but TWK is significant for us in tha...

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