Lefika Securities was established in 2004 and has from inception focused on the institutional market. The firm is a level 2 empowerment stockbroker and member of the JSE Ltd.

– Services

Our services span through the fields of fixed income execution, equity analysis, technical and political research as well as corporate access.

    Fixed Income


The total combined experience on the desk is over thirty five years. To add to the diversity of the desk, two thirds of the team is comprised of females. The desk of execution and trade ideas.



Lefika’s political research is generated by two highly rated independent analysts Aubrey Matshiqi and Justice Malala. The team generates monthly research notes and ad hoc reports based on what is prevailing at the point in time. Political conditions affect financial markets all the time and in big ways. Therefore to keep abreast with these conditions, the team hosts presentations to impart their findings on the research conducted.



Lefika Securities regularly arranges Management luncheons whereby the clients get to interact with thought leaders in the country and can be drawn from political sphere, financial markets, government and state owned enterprises. Now lately the firm organises Breakfast debates where the focus is primarily the value chain in the financial markets and its challenges. Various role players in the value chain are invited to enrich the quality of the debates.

– Consultants



Independent Political Analyst

Aubrey Matshiqi was a Senior Research Associate at the Centre for Policy studies (CPS) in Johannesburg until March 2011, and was a research fellow at the Helen Suzman Foundation until December 2017. In 2010, he was invited to take up a research fellowship at the Stellenbosch Institute for Advanced Studies (Stias).


At CPS he specialised in South African Politics with a special focus on the ANC and the Alliance, the re-alignment of opposition political politics, electoral system reform and the state of democracy in South Africa. At Stias he did research on historical memory and politics in post-apartheid South Africa. In May 2014, Matshiqi was invited to speak at a symposium held in hour of Nelson Mandela at the Uppsala University in Sweden.



Technical Analyst 

Costa is the Technical Analyst at Lefika Securities. Since joining our team in 2010, the research undertaken by Costa involves servicing institutional based client with top down market strategies, and together with the Quest research valuation tool to generate both value and momentum investment ideas for their institutional client base. The efforts involve investment strategy document that covers both JSE and global markets that they present to the institutional fund managers on a quarterly basis.



Independent Political Analyst

Justice Malala is a renowned South African political commentator, newspaper columnist and best-selling author. Malala writes regular weekly columns for The Times newspaper and the Financial Mail magazine. His latest book, We Have Now Begun Our Descent, reached number one on the South African best-seller lists in 2015/2016 and was in the top ten for more than seven months.

He is the resident political analyst for e.tv and eNews Channel Africa. He also presents a weekly political talk show (The Justice Factor on eNCA, Mondays at 9.30pm).