It might not look like a bear market when one surveys the JSE’s main indices. At 58 905 points at Friday’s close, the JSE Top 40 Index is only 15% off its 12-month high of above 69 600 points. Moneyweb JSE Shares
It might not look like a bear market when one surveys the JSE’s main indices. At 58 905 points at Friday’s close, the JSE Top 40 Index is only 15% off its 12-month high of above 69 600 points and still 4% higher than its low of September 2021, just about a year ago. But all the classic signs of a bear market are there. The only reason the bear can’t be clearly seen is because it’s hiding behind the good performance of a select few shares.
Amplats, Sibanye-Stillwater, Implats, AngloGold, Harmony and Kumba fell between 45% and 55% each. Massmart has crashed. It declined by 57% from its November 2021 high of R76. This comes as investors seemed to shy away from the inherent risk of a retailer that has been struggling for years with different strategies to recover its lost lustre.
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