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JSE’s road to nowhere

Business News 4 weeks ago

The JSE Top 40 in dollars has struggled to gain just 20%.


28 Oct 2020
PREMIUM!
JSE’s road to nowhere

The JSE. Image: iStock

The JSE Top 40 index looks reasonable when measured in steadily-depreciating rands, but measured in US dollars it looks miserable. The following chart from Morningstar compares the JSE’s Top 40 index in US dollars with the S&P 500. The S&P 500 shot up nearly three-fold over the last 10 years, while the JSE Top 40 (in US dollars) struggled to gain just 20%. And that’s after accounting for the massive buoyancy of tech-heavy Naspers, which accounts for nearly a quarter of the Top 40 index weighting. After crashing at the start of the Covid lockdown, the S&P 500 index has...

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