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Headline

There are five indices that make up the Headline Category: the All Share Index (J203), the Top 40 Index (J200), the Mid Cap Index (J201), the Small Cap Index (J202) and the Fledgling Index (J204). These indices comprise eligible instruments, listed on the JSE Main Board, and are categorised according to company size (market capitalisation).

 Index Details

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  • All Share (J203)
    There are seven indices making up the headline series:  the All Share Index (J203), the Top 40 Index (J200), the Large & Mid Cap Index (J206), the Large Cap Index (J205), the Mid Cap Index (J201), the Small Cap Index (J202) and the Fledgling Index (J204).  These indices comprise eligible instruments, listed on the JSE Main Board, and are categorised according to company size (market capitalisation).
    CharacteristicDescription
    NameAll Share
    Index CodeJ203
    Alpha CodeALSH
    Index CategoryHeadline
    UniverseOrdinary shares listed on the JSE Main Board
    Fixed No. of CompaniesNo 
    Liquidity ScreeningYes
    Free Float Screening




    Minimum of 5%. IFL's with a free float of 5% or less will be eligible if net market cap is greater than 1% of Mid Cap on cut date. IFL constituents with a free float of 5% or less that are existing constituents will be deleted if their net market cap falls below 0.5% of the Mid Cap
    Additonal Requirements
    Instruments will be eligible provided the net market cap is 0.5% or greater than the net market capitalisation of the Small Cap on review cut date and it qualifies in all other respects. Current constituent will be deleted from the index should the net market cap fall to 0.2% or below relative to the Small Cap net market capitalisation on review cut dateSecondary lines must pass the free float, liquidity and size hurdles in their own right
    Ineligible Securities
    Pyramid Status, SPAC Status, ICB code 8990, convertible preference shares and loan stocks are excluded until converted., Exchange Traded Funds (ETFs) and funds whose prices are a direct derivation of underlying holdings (e.g. Unit Trusts, Mutual Funds)
    Weighting Methodology 
    Free Float Market Cap Weighted
    Ranking Methodology
    ​Ranked by gross market cap
    Capping MethodologyN/A
    Index Review Semi-annually in March and September
    Buffer 
    Auto Addition: 98.5%; Auto Deletion: 99.5%
    Dissemination60 seconds
    Live Date2002/06/24
  • Top 40 (J200)
    The Top 40 Index consists of the 40 most investable companies in the All Share Index (J203).  The number of instruments in the index can exceed 40, as some companies issue multiple equity instruments.
    CharacteristicDescription
    NameTop 40
    Index CodeJ200
    Alpha CodeTOPI
    Index CategoryHeadline
    UniverseAll Share Index (J203)
    Fixed No. of Companies40
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 5%
    Other ScreeningN/A
    Weighting Methodology
    Free Float Market Cap Weighted
    Ranking Methodology
    Ranked by net market cap
    Capping MethodologyN/A
    Index ReviewQuarterly in March, June, September and December
    Buffer Size5
    DisseminationReal Time
    Live Date2002/06/24
  • Mid Cap (J201)

    The Mid Cap Index represents 85% - 96% of the full market cap value of all eligible securities listed on the Main Board of the JSE 
    CharacteristicDescription
    NameMid Cap
    Index CodeJ201
    Alpha CodeMIDC
    Index CategoryHeadline
    UniverseAll Share Index (J203)
    Fixed No. of CompaniesNo
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 5%
    Other Screening
    N/A
    Weighting Methodology
    Free Float Market Cap Weighted
    Ranking Methodology
    Ranked by gross market cap
    Capping MethodologyN/A
    Index Review
    Semi-annually in March and September
    Buffer SizeAuto Addition: 95%; Auto Deletion 97%
    Dissemination60 seconds
    Live Date2002/06/24
  • Small Cap (J202)

    The Small Cap Index represents 96% - 99% of the full market cap value of all eligible ordinary securities listed on the Main Board of the JSE 
    CharacteristicDescription
    NameSmall Cap
    Index CodeJ202
    Alpha CodeSMLC
    Index CategoryHeadline
    UniverseAll Share Index (J203)
    Fixed No. of CompaniesNo 
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 15%
    Other Screening
    N/A
    Weighting Methodology
    Free Float Market Cap Weighted
    Ranking Methodology
    Ranked by gross market cap
    Capping MethodologyN/A
    Index ReviewSemi-annually in March and Septermber
    Buffer SizeAuto Addition: 98.5%; Auto Deletion: 99.5%
    Dissemination60 seconds
    Live Date2002/06/24
  • Fledgling (J204)

    The Fledgling Index represents the lowest 1% of the full market cap value of all eligible ordinary securities listed on the Main Board of the JSE
    CharacteristicDescription
    NameFledgling
    Index CodeJ204
    Alpha CodeFLED
    Index CategoryHeadline
    UniverseOrdinary shares listed on the JSE Main Board
    Fixed No. of CompaniesNo
    Liquidity ScreeningNo
    Free Float ScreeningMinimum of 5%
    Ineligible securities:Pyramid Status, SPAC Status, ICB code 8990
    Weighting MethodologyFree Float Market Cap Weighted
    Ranking MethodologyRanked by gross market cap
    Capping MethodologyN/A
    Index ReviewSemi-annually in March and September
    Buffer SizeN/A
    Dissemination60 seconds
    Live Date2002/06/24

 

 

 

 

 

 

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