There’s still little evidence of the big things that have long been expected for the JSE’s bombed-out small-cap counters so far in 2019. With the overall market — courtesy of an early resource sector rally and sprightlier performance from market heavyweights like Naspers, British American Tobacco, Richemont and AB InBev — looking firmer in the first quarter, there was a more than reasonable expectation from wide-eyed punters that small-cap counters might catch this swelling wave of improved sentiment. Not quite. Risk aversion still seems prevalent in 2019, which probably means further outflows from smaller-cap counters — perceived as higher risk — to the relative safety of recovering blue-chip counters. Some of the most popular small-cap counters have actually got cheaper — and, in some instances, a whole lot cheaper. There are more than a few notable mid-cap fizzles — including PSG-owned agribusiness Zeder, health-care group Ascendis (now a small cap by definition), Blue Label Tele...

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