All Share (J203) = 88 342
Rand / Dollar = 18.57
Rand / Pound = 23.38
Rand / Euro = 19.37
Gold (usd/oz) = 2 936.83
Platinum (usd/oz) = 978.50
Brent (usd/barrel) = 76.67
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JSE All Share Index (ALSI)

JSE All Share Index

Data on JSE ALL Share Index

FeatureDescription
Index NameFTSE/JSE All Share Index
ExchangeJohannesburg Stock Exchange (JSE)
SymbolJALSH:JNB
TypeMarket Capitalization Weighted
Composition 99% of the full market capitalization of ordinary securities listed on the JSE main board (subject to liquidity and free float criteria)
RebalancingQuarterly
Data Availability UsesReal-time and end-of-day
Calculation MethodologyFree-float adjusted, transparent, and rules-based
Index ProviderFTSE Russell
Global Market PerformanceThe JSE All Share Index is influenced by global economic conditions and overall stock market sentiment. Strong performance in major international markets can lead to a rise in the JSE, while global downturns can cause it to fall.
South African Economic PerformanceThe health of the South African economy directly affects the profitability of companies listed on the JSE. Factors like GDP growth, unemployment rates, and interest rates can significantly impact the index.
Currency FluctuationsThe JSE All Share Index is denominated in South African Rand (ZAR). Fluctuations in the ZAR exchange rate relative to other major currencies can impact the value of the index for foreign investors.
Sector PerformanceThe JSE All Share Index is a broad-based index, but certain sectors hold a significant weight. Strong performance in dominant sectors like resources, financials, or industrials can drive the index up, while weakness in these sectors can bring it down.
Company News and EventsMajor news announcements, mergers and acquisitions, or earnings reports from large companies listed on the JSE can significantly impact the index, depending on the specific company and its weighting within the index.
Investor ConfidenceInvestor sentiment towards the South African market plays a role. High confidence can lead to increased buying pressure, pushing the index up. Conversely, low confidence can trigger selling, causing the index to decline.
Government PoliciesGovernment policies impacting businesses, such as taxation, regulations, or infrastructure spending, can influence the profitability of listed companies and ultimately affect the JSE All Share Index.
Interest RatesChanges in South African interest rates can affect company valuations and investor risk appetite, impacting the JSE All Share Index.

JSE All Share Index - Introduction

JSE shares

The Financial Times Stock Exchange (FTSE)/ Johannesburg Stock Exchange (JSE) affectionately known as the FTSE/JSE Top40 Index, is a capitalization-weighted index.

The all-share index is the barometer for the health of the South African economy in regards to its health.

Companies included in this index are the 40 largest companies by market capitalization included in the FTSE/JSE All Shares Index.

The index was developed with a base value of 10399.53 as of June 21, 2002.

These indices are highlighted in the FTSE/ JSE Africa Index Series. The Series is designed to represent the performance of South African companies, providing investors with a comprehensive and complementary set of indices, which measure the performance of the major capital and industry segments of the South African market.

The JSE FTSE ALL SHARE INDEX represents 99% of the full market capital value (before the application of any investable weighting) of all ordinary securities listed on the main board of the JSE, subject to minimum free float and liquidity criteria.

The FTSE Group is a British provider of stock market indices and associated data services, wholly owned by the London Stock Exchange (LSE) and operating out of premises in Canary Wharf. It operates the well-known UK FTSE 100 Index as well as a number of other indices.

The Group operates 250,000 indices calculated across 80 countries and in 2015 was the number three provider of indices worldwide by revenue. FTSE Group earns around 60 percent of its revenue from annual subscription fees and 40 percent from licensing for index-based products.

Clients include both active and passive fund managers, consultants, asset owners, sell-side firms, and financial data vendors. FTSE’s products are used by market participants worldwide for investment analysis, performance measurement, and asset allocation, and hedging.

Pension funds, asset managers, ETF providers, and investment banks work with FTSE to benchmark their investment performance and use FTSE’s indices to create ETFs, index-tracking funds, structured products, and index derivatives. FTSE also provides many exchanges around the world with their domestic indices.

jse shares - all share index

The Johannesburg Stock Exchange (JSE) is Africa’s largest stock exchange and one of the most dynamic investment jewels in the world. Situated in Africa’s richest square mile, Sandton, the JSE has positively grown and obtained an excellent worldwide reputation.     

The JSE describes itself as the “engine room” of the South African economy, providing an orderly market for dealing in securities. Its main function is to facilitate the raising of primary capital by re-channeling cash resources into productive economic activity, and building the economy while enhancing job opportunities and wealth creation. The JSE also provides an effective price determination facility and price risk management mechanism. The JSE is privately owned and funded, and governed by a Board of Directors. Its activities are licensed and regulated by two Acts of Parliament, namely the Stock Exchanges Control Act, 1 of 1985 (“SECA”), which governs the equities markets, and the Financial Markets Control Act, 55 of 1989 (“FMCA”), which governs the derivatives markets. 

In keeping with international practice, the JSE also acts as a regulator of its members and ensures that markets operate in a transparent manner, ensuring investor protection. Similarly, issuers of securities must comply with the JSE Listings Requirements, which aim to ensure sufficient disclosure of all information relevant to investors.  

View the JSE TOP 40 now 

  The JSE provides a market where securities can be traded freely under a regulated procedure. It not only channels funds into the economy but also provides investors with returns on investments in the form of dividends. The JSE Top 40 Index refers to the top 40 biggest companies trading on the exchange

These are professionally ranked by market capitalization (market cap). The market cap of a company is the number of available shares multiplied by the current share price. The Top 40 index is a fair reflection of what happens to the South African market as a whole because even though it contains only 40 out of the roughly 400 shares listed on the JSE, it represents over 80% of the total market cap of all JSE-listed companies. There are five indices that make up the Headline Category: the All Share Index (J203), the Top 40 Index (J200), the Mid Cap Index (J201), the Small Cap Index (J202), and the Fledgling Index (J204). 

These indices comprise eligible instruments, listed on the JSE Main Board, and are categorized according to company size (market capitalization). The All Share Index represents 99% of the full market cap of all eligible equities listed on the Main Board of the JSE. The All Share Index can further be split by size into the Top 40, Mid Cap & Small Cap Indices.   This is how some of the other prominent indices are calculated:  

  • Top 40 = 40 largest companies
  • Indi25 = 25 largest industrial companies
  • Fini15 = 15 largest financial companies
  • Resi10 = 10 largest resource companies
  • Mid Cap = 60 largest companies after the Top 40

  The index is designed for use in the creation of index-tracking funds, derivatives, and as a performance benchmark. Stocks are selected and weighted to ensure that the index is investable. For liquidity, the stocks are screened to ensure that the index is tradable. This enables transparency to prevail. The index uses a transparent, rules-based construction process.  

industrial index 25

Index Rules are freely available on the FTSE website

  The index is calculated based on price and total return methodologies, both real-time and end-of-day. Index constituents are categorized in accordance with the Industry Classification Benchmark (ICB), the global standard for industry sector analysis. 

I Investing in the JSE can yield good returns for most investors. Looking at the JSE All-Share index (Alsi) over the last fifty (50) years gives us the closing price for the index for 12,588 days. For each of these days, Power stocks started investment in the ALSH and then looked at how each investment would have grown after 1,2,3,6 and 12 months, as well as between 1-10 years (the holding periods). For each holding period they then tallied up the percentage of investments that managed to beat various growth rates ranging from 0% (ie what % of investments managed to not make a loss) through to 30%. Since they were using such a large and statistically significant sample set (12,588 data points), this effectively gives them an indication of the probability of an investment in the ALSH beating a particular growth rate. 

They then plotted Probability Curves on charts.ALSH beating a particular growth rate. They then plotted Probability Curves on charts. The charts show what percentage of various short-term holding strategies managed to produce in excess of the growth. For example, 60.7% of the 12,588 1-month portfolios managed to show more than or equal to 0% growth. This means, that if you invested in the JSE on any day in the last 50 years you would have had a 60.7% chance of not losing money after a month. Similarly, 9,195 one-year investments out of the total of 12,588 showed >= 0% growth, which means 73% probability of not losing money. Holding shares in the JSE All Share index for 6 years delivers the best risk/reward ratio. 

The six-year strategies offer the best ratio of returns to the deviation of returns, the lowest risk of losing your money, and the highest probability of meeting your growth objectives. When you weigh up JSE returns versus leaving money in the bank, the risks of investing in the JSE are certainly worth it.  

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Frequently Asked Questions

Calculation of the JSE All Share Index can be done by:   Multiplying the price of each stock by the number of shares that are included in the index = Value of each stock. The weight of every stock in the index is determined by its market value relevant to total market value of the index.  

The All-Share Index of the JSE is used as a measurement of how well the market is performing.

According to the JSE there are more than 800 listed companies, approximately 400 listed companies and 60 Equity market member firms in their aggregation.

All-share index is a series of numbers that show the changing average value of the share prices of all the companies listed on a stock exchange.

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