The past 18 months has been tremendously tough for SA-focused investors. Despite a rally in early 2019, the JSE all share index has gone backwards since the start of 2018, and the sell-off would have been a whole lot worse if Naspers had not been riding on Tencent’s coattails.

Meanwhile, the list of stocks that have fallen to new lows is growing as companies struggle to lift profits in Africa’s most advanced economy.

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