Marc Hasenfuss Editor-at-large

This is our last edition for 2018. And I hope when we return to pick up the first edition of 2019 that this dastardly market has found some traction. I can’t remember a more frustrating year. There’s nothing quite like carefully monitoring a coveted small cap as it drifts into your target price range, accumulating a position, and then watching it slither ever lower — helped by rumours and gossip that tend to take hold in these jittery market conditions. Of course, not everyone is unhappy with the woeful market ratings. We are already seeing a slew of delistings, where owners or strategic shareholders are willing to pay a premium to buy out disgruntled minority shareholders who have long lost sight of that company’s true longer-term potential. Market lore has it that a spate of delistings usually signals that the market is close to the bottom. I certainly hope that will prove true, and that, in the process, the JSE does not lose many of its best small-cap counters. In preparation for...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.