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Johannesburg - Black South Africans own at least 17% of the 100 top companies listed on the Johannesburg Stock Exchange, according to an initial study, the head of the exchange said on Tuesday.
"For now we can say the total value of shares owned by blacks is 17%," said
Russell Loubser.
The government has set a target for blacks to hold 25% of the locally-owned shares by 2017, as part of its empowerment programmes. South Africans own just over half of the shares listed on the JSE.
That black-owned figure is expected to rise when the study is completed, said Loubser, because half of the nation's pension funds and trusts have not yet been analysed.
A growing black middle class - through pension funds, trust funds and life insurance policies - owns 9% of the top 100 companies which make up 85% of the JSE.
Individual black investors own 7% of the capital in the financial giants of the R6.4 trillion exchange, researchers found.
The study analysed shareholder data and information given by companies themselves.