The large market capitalisation of mining shares has been the all share’s main driver
The JSE all share index has been a great performer year to date , rising 15.1% in rand terms and 10.1% in US dollar terms. And for the first time in a long while, Naspers and Prosus have not been primarily responsible for the Alsi’s performance. Indeed, year to date, Prosus has slid about 7%.
The main drivers have been the large market capitalisation of mining shares such as Anglo American , Angloplats , Glencore , BHP and Sibanye Stillwater . The S&P 500 index by comparison is up 11.5% for the year, marginally beating the Alsi in US dollar terms. But the dynamics affecting both foreign and local equity markets are rapidly changing. What happened in the first few months of this year is no indication of what is likely for the rest of the year. ..
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