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JSE to trade for benefit of Solidarity Fund

Fund chair Gloria Serobe and JSE Group CEO Leila Fourie to host virtual market opening.
Investors, take part – the fees associated with whatever trades are made on the JSE next week Wednesday and Thursday will be donated to the fund. Image: Moneyweb

The Johannesburg Stock Exchange (JSE) is to donate fees derived across all asset classes traded over two days next week.

This is in response to President Cyril Ramaphosa’s call for companies to donate to the Solidarity Fund, which is independently administered by Old Mutual and was set up in response to the impact of the Covid-19 pandemic on the country.

The fund is a rapid response vehicle designed to fund impactful initiatives that will augment the national health response contributions to SA’s humanitarian efforts. A further focus of the fund is to mobilise South Africans to flatten the curve and manage the pandemic and its impacts on households and communities.

Announcing its launch on Wednesday, the stock exchange said the #Trade4Solidarity campaign will run on Wednesday and Thursday next week (April 15 and 16).

The initiative encourages market participants to join the JSE by contributing a portion or percentage of their trading revenues to the fund.

Solidarity Fund chair Gloria Serobe and JSE Group CEO Leila Fourie will host the virtual market opening via all of the JSE’s social media platforms.

Fourie says the bourse found it fit to respond to the president’s call in this manner.

“JSE staff and executive team felt this was a very tangible way in which they could answer the president’s call to #PlayYourPart. How we respond to this pandemic has been our greatest Thuma Mina [‘Send me’] moment, not just for us, but for the country.”

JSE Group CEO Leila Fourie. Image: Supplied

As Capital Markets director Valdene Reddy says: “We have seen companies pivot to making hand sanitisers and face masks – individuals, corporates and consortiums making meaningful contributions where required.

“#Trade4Solidarity allows us to make our own contribution to what is the greatest public health crisis this world has witnessed in recent history.”

Listen to Nompu Siziba’s interview with Solidarity Fund deputy chair Dr Adrian Enthoven:

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It can NOT be called a “Solidarity Fund” when a cabinet minister says funds will be distributed to businesses with the highest BEE score.

How can there be solidarity when some are being discriminated against? Should it not be about what SSME’s need? REGARDLESS OF YOUR COLOUR?

Someone needs to ask Cyril if he agrees with that statement and if this is his idea of solidarity.

It is not about the impact of the pandemic on business but about the corrupt ANC and Government taking advantage of a serious situation to enrich themselves.

Please be careful what you support and why you support it.

Reprehensible.

What are the odds that this fund will be administered impartially, with integrity and honesty, and not just funnelled to crooks and tenderpreneurs? Look at the lottery, taxes, levies – misappropriated and misallocated procurements all the time, with obscene salaries and fees. I’m deeply skeptical of anything where the government and business are involved. Rather donate money to your favourite NGO that is personally known to you.

End of comments.

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