Financial market hits significant milestone as Jesey Securities Exchange (JSE) reaches 100,000 points, accounting for substantial gains for long-term investors
In a significant development, the FTSE/JSE All Share Index (ALSI) has surpassed the 100,000 points milestone, marking a remarkable achievement in the 65-year history of South Africa's capital markets. This feat, which occurred last week, underscores the resilience and growth of the South African economy, despite global economic challenges and commodity volatility.
The ALSI, which covers approximately 125 listed companies and represents 99% of the JSE Main Board market capitalisation, has delivered over 11% annualised returns since its inception. This impressive performance has made the index a trusted benchmark for South African equities, attracting investor confidence and positioning the JSE as a gateway for African investment.
Key constituent companies like Remgro and Vodacom are significant contributors to the index. Remgro, a diversified investment holding company with interests in sectors like healthcare, financial services, and infrastructure, provides stable dividends and long-term growth prospects aligned with the ALSI’s performance trends. Vodacom, a leading telecommunications provider in Africa, benefits from growth in mobile and data usage across the continent, supporting a positive outlook despite competitive and regulatory challenges.
The ALSI's diversification across sectors and the adoption of modern methodologies like free float weighting contribute to its ongoing relevance and growth potential. Despite the recent challenges, the index remains well-positioned for future growth, with key constituent companies like Remgro and Vodacom expected to play vital roles as the South African economy and capital markets evolve.
However, the author expresses concern over the cost of dragging the Remgro and Vodacom deal forward. The executive team at Remgro is relieved that the fibreoptic plans can be accelerated, but the author hopes that the competition authorities realize that such delays are damaging to deal-making and investment.
The author also acknowledges the past few years, including the Covid-19 pandemic, have been fairly rewarding for investors who held on to the JSE's bigger counters. The July edition of the publication features the Top Private Banks & Wealth Managers survey for 2025, conducted by Krutham, offering valuable insights into the private banking sector.
The author encourages readers to continue sending company coverage requests for upcoming editions, but regrets that space constraints in the July edition led to some company coverage being pushed out until the August edition. The author apologizes for any inconvenience this may cause and remains cautiously light on equities due to complex and unpredictable geopolitical forces.
Despite these challenges, the ALSI's historic strong returns and milestone achievement position it well for future growth, with key constituent companies like Remgro and Vodacom expected to play vital roles as the South African economy and capital markets evolve. The ALSI, now 1,000 times higher than its start at 100 points in 1960, is a testament to the resilience and potential of South Africa's capital markets.
[1] Source: FTSE/JSE Index Series Factsheet, November 2020 [2] Source: JSE Limited, Market Data Summary, 31 December 2020 [3] Source: FTSE/JSE Index Series Factsheet, July 2025 [4] Source: JSE Limited, Market Data Summary, 31 July 2025
Companies in the ALSI, such as Remgro and Vodacom, are significant contributors to the index, providing stable dividends and growth prospects. The ALSI's impressive performance and diversification across sectors, combined with key constituent companies, make it a trusted benchmark for South African equities, attracting investor confidence and positioning the JSE as a gateway for African investment.
%20reaches%20100%2C000%20points%2C%20accounting%20for%20substantial%20gains%20for%20long-term%20investors){kind=link}