JSE All Share, South Africa’s broad-market benchmark, captures nearly 100 % of the free-float value on the Johannesburg Stock Exchange—thereby reflecting the nation’s unique blend of mining, finance, and consumer giants. Consequently, the JSE All Share offers investors a comprehensive lens on rand-denominated risk and reward.
1. Snapshot (May 2025)
| Metric | Value | Transition Note |
|---|---|---|
| Index Level | 79 450 | To begin with, hovering near record territory. |
| Free-Float Market Cap | R 18.3 trillion | Meanwhile, depth rivals many EM peers. |
| Dividend Yield | 4.2 % | Thus, income comfortably tops global averages. |
| Launch Year | 1969 (base = 100) | Accordingly, a long history aids cycle analysis. |
| Currency | South African rand (ZAR) | Therefore, FX moves feed directly into returns. |
The JSE All Share aggregates roughly 140 large-, mid- and small-cap names; notably, the top 40 contribute ~82 % of weight.
2. Construction Basics
| Rule | Detail | Transition Note |
|---|---|---|
| Universe | All primary listings on the JSE Main Board (ordinary shares only) | First and foremost, breadth is inclusive. |
| Weighting | Free-float market-cap; quarterly reweight | Consequently, tradability improves. |
| Liquidity Screen | Minimum annualised traded-value threshold | Hence, thin issues stay out. |
| Rebalance | Mar, Jun, Sep, Dec (same cadence as FTSE/JSE series) | Moreover, regular reviews keep the basket fresh. |
Dual-listed stocks such as BHP Group and Richemont are included using their JSE-traded lines—thereby anchoring the JSE All Share to domestic liquidity.
3. Sector Breakdown (April 2025)
| Sector | Weight | Transition Note |
|---|---|---|
| Basic Materials (Mining) | 28 % | Chiefly, resources drive EPS swings. |
| Financials | 23 % | Meanwhile, banks and insurers hedge cycles. |
| Consumer Staples | 17 % | Additionally, retailers buffer volatility. |
| Technology & Telecom | 10 % | Notably, Naspers and Prosus dominate. |
| Consumer Discretionary | 8 % | Thus, domestic demand shows up here. |
| Industrials | 7 % | Furthermore, exporters gain on weak ZAR. |
| Health Care & Other | 7 % | Collectively, pharma and utilities round exposure. |
Rand-hedge multinationals dominate earnings sensitivity to USD/ZAR; therefore, currency trends echo through the JSE All Share.
4. Recent Performance (Total Return, ZAR)
| Year | % Return | Main Driver | Transition Note |
|---|---|---|---|
| 2022 | –0.6 % | Load-shedding, global rate hikes | Initially, power cuts weighed. |
| 2023 | +9.9 % | Commodity rebound, weak rand | Subsequently, miners rallied. |
| 2024 | +6.8 % | Bank earnings, consumer resilience | Moreover, financials outperformed. |
| YTD 2025 | +3.4 % | Gold miners rally, tech correction | So far, precious-metal strength leads. |
Three-year volatility averages 18 %—thereby aligning with other EM composites.
5. Why Investors Track the JSE All Share
- Comprehensive SA Beta. Represents nearly every investible rand share—hence broader than the Top 40.
- Commodity + Consumer Mix. Balances resource cycles with domestic demand sectors; consequently, drawdowns smooth.
- FX Hedge. Dual-listed stocks offer built-in rand hedge; thus, the JSE All Share often gains when ZAR weakens.
- Derivatives & ETFs. JSE ALSI futures and SATRIX ALSI ETF deliver liquid access—therefore easing tactical trades.
6. Strengths & Caveats
| Strengths | Caveats |
|---|---|
| Captures full JSE universe. | However, top five stocks ≈ 35 % weight. |
| Free-float methodology improves tradability. | Heavy resource bias heightens commodity volatility. |
| Quarterly reviews keep basket current. | Domestic small caps remain light (< 5 %). |
7. Themes to Watch
- Eskom Reforms. Reliable power could lift industrial margins, thereby broadening sector leadership.
- Gold Momentum. Higher bullion prices fuel upgrades for AngloGold and Gold Fields, potentially lifting the JSE All Share.
- Tech De-Listing Risk. Naspers/Prosus share-swap unwind may reshape weights, thus altering index dynamics.
- Rate-Cut Cycle. SARB easing expected Q4 2025; accordingly, banks and retailers might outperform.
Key Takeaways
The JSE All Share spans ~140 stocks, yields 4.2 %, and totals R 18 trillion in float—thereby offering a single gauge of South Africa’s commodity-finance economy. Ultimately, investors use the JSE All Share for core SA equity exposure, hedging, and tactical plays on local macro conditions, fully aware that FX moves and commodity swings remain pivotal drivers.