What is a dual-listed share, and should you own them?

If you’ve ever seen the same share traded on the JSE and the London Stock Exchange (LSE), for example, it’s not a glitch, and you’re not seeing double.

It’s a common practice called dual listing that companies use to broaden their investor base into international markets to tap wider capital pools and increase liquidity.

This is important for companies listed on relatively small and concentrated exchanges, like the JSE, as it reduces reliance on a single domestic market to attract more institutional and retail investors, which improves its ability to raise equity or debt in offshore capital markets.

Dual-listed companies also benefit from extended trading hours when listed on multiple exchanges in different time zones.

Dual-listings explained

A dual-listed share (which is also known as inter-listing or cross-listing) is traded on two stock exchanges simultaneously, typically with a primary listing in the company’s home market and secondary listings elsewhere.

The company is regulated primarily by the exchange where its main listing resides, while secondary listings facilitate trading in other regions.

While dual listings offer benefits, such as an improved public profile and investment diversification, they can also introduce higher costs and regulatory complexities.

For instance, companies with dual listings often face challenges in dealing with differing accounting standards and increased managerial demands.

Selecting where(else) to list

A listed company will carefully consider which markets to list in based on numerous factors. A primary consideration is that certain regions value sectors differently.

For example, tech companies typically trade at higher multiples in the US, while luxury goods companies often realise stronger valuations in Europe. Mining and resource companies typically list on the LSE for the same reason.

Basically, if investors in one market understand and price a business better, the share price benefits.

Currency alignment is another important consideration because, if earnings are US dollar-based, listing in a USD/GBP market can reduce any foreign currency mismatch, which makes the stock more attractive to global investors.

Lastly, listing in a major market can gain stocks with large market caps inclusion into major indices, like the FTSE 100 (ISFL-TRQX) or MSCI World Index (SYGWD-JSE), which boosts passive fund inflows and improves global visibility.

Local trends

Almost one-fifth of the companies on the JSE’s main board are dual-listed. These include South Africa-based companies that have an outbound secondary listing on another exchange, and companies established outside South Africa that have an inward secondary listing on the JSE.

According to the South African Reserve Bank, there were 44 companies with secondary listings on the JSE (as at 31 December 2025). These include blue-chip stocks such as:

·       BHP Group Limited (Australia Securities Exchange and JSE)

·       Prosus N.V. (Euronext Amsterdam and JSE)

·       Anheuser-Busch InBev (Euronext Brussels and JSE)

·       British American Tobacco (LSE and JSE)

·       Anglo American Plc (LSE and JSE)

·       Compagnie Financière Richemont (SIX Swiss Exchange and JSE)

·       Glencore Plc (LSE and JSE)

·       AngloGold Ashanti Plc (LSE and JSE)

·       Mondi Plc (LSE and JSE)

·       Ninety One Plc (LSE and JSE)

Are dual-listed shares better?

A dual listing doesn’t, in itself, change a company’s share price. Once you factor in exchange rates and transaction costs, the stock should trade at effectively the same value across both markets.

Over time, though, a dual listing can indirectly benefit a stock, as companies with strong fundamentals may benefit from deeper liquidity and broader access to capital, which can support stronger valuation and share price performance.

Another potential benefit for local DIY investors is that dual-listings allow you to hold international equities without needing foreign custody accounts.