Leila Fourie, the newly minted CEO of the largest stock exchange on the continent, bristles when asked if the wave of delistings from the JSE this year — 21 and counting — represents something of a crisis for the local market.

"We saw this before in 2008. We’re at a low point in the cycle because our economy is in a downturn, and people typically shift their money out of equity into bonds or cash...

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