Market capitalisation of all securities listed on the JSE Securities Exchange South Africa amounted to R1,446.1-billion at 28 February 2003, ranking the JSE as the 17th largest stock exchange in the world in terms of market capitalisation, the Financial Services Board (FSB) indicates in its latest annual report. In 2002, the JSE was ranked 18th.
The year under review ended March also saw an all-time record in trades of about R3,6-million. In rand terms this was 28,9% higher than 2002.
New equity capital raised on the JSE amounted to R57,8-billion, which was 84% more than the R31,4-billion raised in 2002. The turnover of shares (including off-order book trades) totaled R818,8-billion as opposed to R635,1-billion the previous year.
The number of companies with shares listed on the JSE, however, has fallen from 535 to 463.
Liquidity, measured on equity turnover as a percentage of market capitalisation, amounted to 37,1% for March 31 2003, compared to 38,4% over the corresponding period last year.
With regards to collective investment schemes, the FSB says that in contrast with the global decline in this investment vehicle, SA CIS in securities experienced continued growth during the year ended 31 December 2002. While global assets under management declined by 3,6% during the year, SA experienced a 3,1% increase, from R174,4-billion to R179,8-billion.
“Poor market performance restricted the growth in assets despite record gross sales of R137,4-billion and total net inflows of R20-billion.
“The less risky money market funds continued to dominate the inflows, attracting net investments of R15,8-billion (2002: R10,6-billion),” the report states. – I-Net Bridge