INDEX CHANGES ON THE JSE
The JSE announced the index changes that will be effective 21 September. Kumba is exiting the Top40 and moving into the MidCap Index to be replaced by Redefine. Exiting the MidCap are Illovo, Lonmin and Royal Bafokeng Platinum. The trend we’ve seen over the past few years continues as resource stocks see their market caps continually shrinking. Illovo is the odd one out, but its drop is not surprising – I have been cautioning against investing in the sugar industry for some time as global sugar prices come under pressure.