The JSE’s rally to levels last seen before SA went into lockdown paints a skewed picture of what is really happening in SA Inc, as index heavyweights Naspers and Prosus continue to drive the local bourse higher while shares in locally focused companies reflect concerns about SA’s dire economic situation.

Naspers and Prosus, which make up more than a quarter of the JSE’s total market capitalisation, have increased 44% and 61%, respectively, so far this year. That is largely thanks to their 31% stake in internet giant Tencent, amid a rise in gaming since the coronavirus lockdowns began. Support also came from the weaker rand...

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, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now