JSE drops Discovery from top-40, adds Steinhoff

South African furniture maker and retailer Steinhoff will replace insurer Discovery on the top-40 index, bourse exchange operator JSE said on Thursday.

The JSE said in its September quarterly review that Discovery would be dropped from the blue-chip index to the JSE mid-cap index, while Steinhoff would be added to the top-40 index.

The changes will be effective from September 21.

Steinhoff reported a drop in full-year profit on Tuesday, but said it had the capacity to pursue acquisitions as its balance sheet remained robust, while Discovery posted a rise in full-year profit last week as new business accelerated.—Reuters

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