JSE Ltd, the company that runs Africa’s largest stock exchange, has shed almost R10bn in a little more than five years, underscoring the business implications of a spate of delistings that have raised concerns about their effect on the wider economy and among savers.

The precipitous drop in the share price comes amid dwindling trading volumes, a flurry of delistings, and an economy that has grown at a snail’s pace over the past few years. For the exchange, this has resulted in a large drop in trading fees...

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