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It has overtaken Anglo American [JSE:AGL], which is dropped
back to third place on the JSE’s Top 40 - (Tradeable) [JSE:J200] index.
Commodity giant BHP Billiton [JSE:BIL] remains the top dog
on this index.
Positions on the JSE’s Top 40 index are determined in terms
of gross market capitalisation.
That is the number of the company's shares multiplied by the
share price of the company concerned.
In short, only ordinary listings on the JSE's main board,
excluding inward listings, are taken into account in calculating the index.
Since June last year Anglo American has lost R19.15bn of its
market cap.
In contrast SABMiller's market cap has improved R37.92bn.
This is largely thanks to SABMiller's share price which over
the period has climbed about 10% - from R223 to R246.
On the other hand, Anglo American's share price has fallen
around 5% over the same period - from R301 to R287.
Net market value is used in calculating the JSE's All Share
[JSE:J203] index.
This is the market value multiplied by a factor that
represents the shares that trade freely.
This factor is the number of shares that are freely
available for investors to trade.
A structural band is used, meaning that if a company's
free-float shares are above 50%, but less than or equal to 75%, 75% of the
shares are regarded as freely tradable, such as in the case of SABMiller.
In the case of companies with more than 75% freely tradable shares, all the shares are regarded as freely tradable.
- Sake24
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