FTSE/JSE All Share Index (ALSI)
What is the JSE?
The Johannesburg Stock Exchange (JSE) is Africa's largest stock market, with more than 300 listed companies.
The All Share Index (ALSI) tracks the entire market and is dominated by mining companies, banks, and global technology holdings such as Naspers and Prosus.
The index has risen roughly 37% over the past year, reaching record highs above 121,000 in early 2026, supported by the global gold rally and strong bank earnings.
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Sector Breakdown
ALSI Performance
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Why the JSE Matters for Africa
The JSE is the gateway to South Africa's economy — the continent's most industrialized. It reflects the health of SA's banks, miners, telecoms, and retailers. Large dual-listed companies such as Naspers and Richemont link the JSE directly to global markets.
The Gold & Mining Story
SA sits on massive gold, platinum, and mineral reserves. Mining stocks (Gold Fields, AngloGold, Valterra) now make up ~30% of the index — up from under 10% a decade ago. When gold prices rise, the JSE often outperforms.
SA Banks Are Dominant
FirstRand (FNB), Standard Bank, Capitec, Absa, and Nedbank are major index drivers. Capitec has grown from a small challenger bank to nearly 5% of the index through its low-cost digital banking model.
The Rand Effect
A weaker rand boosts exporters and dual-listed stocks (Naspers, miners, Richemont) since they earn in USD/EUR. But it hurts importers and retailers. For Kenyan investors, ZAR has been volatile — 1 ZAR ≈ KES 8.08 currently.
How to Track the JSE
The ALSI (All Share, J203) tracks 300+ stocks. The Top 40 (J200) tracks the 40 largest — covering ~80% of market cap. The SWIX was recently discontinued and its methodology applied to the ALSI itself.
JSE vs NSE (Kenya)
The NSE 20 has underperformed the JSE significantly. JSE is up ~37% YoY vs NSE's modest gains. SA benefits from deeper capital markets, higher foreign participation, and globally diversified blue chips.
Accessing JSE Stocks & ETFs
JSE ETFs via Global Broker
International platforms such as Interactive Brokers and Saxo may provide access to JSE-listed securities. Verify availability and regulatory status for Kenyan users. like Satrix 40 (STX40) or Ashburton 1200. Requires USD or ZAR funding.
SA-Listed Stocks Direct
Open an account with a SA broker (EasyEquities, FNB Securities). Often requires a South African bank account or an offshore funding corridor — more complex from Kenya.
Dual-Listed Stocks
Some JSE-listed companies also trade on London or NYSE. on London/NYSE via global brokers. These represent the same underlying companies but are often easier to access from Kenya. Prices track ZAR listings closely.
Africa-Focused Funds
Pan-African equity funds provide broader exposure to African markets. that include JSE exposure. Available through some Kenyan fund managers.
What to Expect
Brokerage: ~0.1–0.5% per trade. FX conversion: ~0.3–1%. No stamp duty on ETFs. Dividends tax: 20% withheld for non-residents.
Kenya Tax Implications
KRA taxes foreign investment income. Withholding tax on SA dividends is 20%. Capital gains may also be taxable depending on holding structure. Keep records of all trades.