Introduction To The JSE Top 40

The JSE Top 40 is the largest and the most popular index in South Africa. It is composed of the top 40 biggest companies that are listed on the JSE. This index acts as an overall benchmark for South Africa’s Stock Exchange. It also represents more than 80% of the overall market cap of all the companies listed on the JSE.

The JSE Limited
The Johannesburg Stock Exchange Limited or the JSE Limited is the oldest and the largest existing stock trading in South Africa, established on November 8, 1887. It is ranked as the 17th largest stock exchange in the world in terms of market capitalization. As of March 2018, the JSE market capitalization is estimated at $995.12 billion.

The JSE has partnered with the FTSE Group thus, making the FTSE/JSE index series. There are two benchmark indices that are monitored by the JSE, namely the JSE All Share Index (also known as FTSE/JSE All Share Index) and the JSE Top 40 Index (also known as FTSE/JSE Top 40 Index).

List of Constituents
Below are the companies listed on the JSE Top 40 index (in no particular order):
1. British American Tobacco
2. SABMiller
3. BHP Billiton
4. Richemont
5. Anglo America
6. MTN
7. Naspers
8. Sasol
9. Stanbank
10. Vodacom
11. Kumba
12. Firstrand
13. Old Mutual
14. Absa
15. Sanlam
16. Shoprite
17. Remgo
18. Nedbank
19. Aspen
20. Anglo Platinum
21. Bidvest
22. Anglogold
23. Implats
24. Woolworths
25. Tiger Brands
26. Mediclinic
27. Exxaro
28. Rand Merchant
29. Intu properties
30. Growthpoint
31. Disovery
32. Goldfields
33. Mondi
34. Steinhoff
35. Assore
36. Investec
37. Massmart
38. Imperial
39. Trustworths
40. African Rainbow

Recent Changes on the Index
In March 2018, the JSE Top 40 underwent a major change after the companies Steinhoff, Fortress, Resilient and Intu Properties were officially removed from the JSE Top 40 Index. These companies were then replaced by Spar – a major retail company; Imperial Holdings – a logistics company; and Foschini Group and Trustworths – both are fashion retail companies.