FRIDAY marks the end of an era when SABMiller, which was first listed on the JSE in 1897, will be deleted from all JSE indices. It will be delisted on Monday. These historic developments follow the decision by SABMiller shareholders to accept Anheuser-Busch InBev’s £45-a-share offer. At a SABMiller shareholders’ meeting on Wednesday morning 95.5% of shareholders who were entitled to vote and did vote voted in favour of the offer. The decision will not only change the landscape of the South African beer industry, it is also expected to have a considerable effect on trading patterns on the JSE. SABMiller’s R1.3-trillion market capitalisation accounts for 8.6% of the JSE’s total and about 5.3% of the R24.3bn in daily trading. With SABMiller deleted from the FTSE/JSE top 40 index, where it had a weighting of 13%, Impala Platinum, which has a market cap of just R49.6bn, will be able to scrape in with a weighting of just 0.75%. Impala Platinum’s inclusion in the index reflects its relativ...
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