If the JSE was a painful place in 2018, then punters who doggedly pursued opportunities in the small-and mid-cap sector will probably show the deepest scars. Officially the small-cap index fell about 18% in 2018, with the mid-cap index crimping 11%. The JSE industrial board, home to a slew of small-and mid-cap stocks, was off a hefty 20%, while the AltX (which includes many entrepreneurial counters) was off 12%. A good number of former small-and mid-cap darlings came a horrible cropper during the year. These include Ascendis Health (down about 78%), Blue Label Telecoms (down over 60%), private education group Curro (down 40%), Metrofile (35% lower), Zeder Investments (down 35%) and industrial giant Invicta (down 32%). The market was not in a forgiving mood when it came to perusing negative news or strategic setbacks. Predictably, there was persistent chatter as some large fund managers abandoned small-cap mandates and set market capitalisation floors for their portfolios. Which does...

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 helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now