An index of the 40 biggest companies trading on the JSE. This index is weighted for the market capitalisation of the companies it includes and also their “free float”. It is one of five “headline” indexes together with the JSE Overall index, the mid-cap index, the small cap index and the fledgling index. Not all the securities listed on the JSE are incorporated into the All Share index, on the basis that movements in the share prices of the constituent companies can be said to represent the movement of the market as a whole. Companies selected for inclusion in the TOP 40 Index are the largest 40 companies in the All Share index by full market cap. The list of shares given below were included at the start of 2018 – but you should be aware that shares come and go from the index all the time (e.g. Steinhoff has been dropped). As an investor, you need to be aware that the index contains several commodity shares which can skew the index if commodity prices move drastically. It also includes a number of very large companies which have their primary listing overseas or which derive most of their income in a hard currency – such as Richemont and Naspers (Naspers alone accounts for 20% of the index). This means that the movement of local shares is often obscured or completely overwhelmed by the movement of rand-hedges. You may find it more useful to look at the JSE Fin30 which just contains the 30 largest financial and industrial shares. Share in the Alsi40 are:

Anheuser-Busch InBev, British American Tobacco, Naspers, Glencore, Richemont, BHP Billiton, Anglo American, Sasol, FirstRand, Standard Bank, Vodacom, South32, Sanlam, Mondi, Old Mutual, MTN, Nedbank, Absa, Anglo American Platinum, Discovery, Shoprite, Remgro, Capitec, RMB, Bid Corporation, Kumba Iron Ore, Aspen Pharmacare, NEPI Rockcastle, Growthpoint, Hammerson, Investec, Mediclinic, Bidvest, Pepkor, Rand Merchant Investment, Redefine Properties, Exxaro Resources, Mr Price, Tiger Brands, Reinet Investments.

The full list can be seen at: https://www.intrepidcapital.co.za/Portals/0/JSE%20Top%2040%20_%20March%202017.pdf

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