Stock market defies scandals, uncertainty

THE COUNTRY’S stock market defies all policy uncertainty, corporate scandals, depressed consumer and business confidence and hits an all-time high of 61211.52 in November. The bullish run is driven largely by Naspers, which accounts for 20 percent-plus of the JSE’s total market cap on the back of impressive results from Tencent, the Chinese company in which it holds a 35 percent stake.

The rally, however, is stymied by corporate scandals engulfing heavyweights such as Naspers, Steinhoff and EOH.

Dave Mohr, the chief investment strategist at Old Mutual Multi-Managers, says while the Steinhoff debacle means that the JSE will not be ending the year on a high note, the overall outlook appears to be on the up. – Kabelo Khumalo

Looters, pervasive greed and cheaters have led to a year of corporate indifference. Trickery and thievery have become all too insidious and demand that we evaluate and examine the behaviour of leadership.