Johannesburg - Black investors hold similar stakes in listed
companies as white investors, according to research released on Thursday.
The research focused on ownership of the top 100-listed
"This year's study found a similar participation level
among black and white South African investors - 21% and 22% of the Top 100 by
value respectively," said JSE CEO Nicky Newton-King.
"We also think one can assume that the black economic
interest will continue to climb in future, and that this research provides a
base for future measurement."
If the methodology allowed by the Black Economic Empowerment
Codes of Good Practice was applied, black shareholding rose to 33%.
"This is principally due to the fact that listed
companies who own businesses in multiple countries are allowed to exclude the
value of these foreign business operations from the calculation of black
economic interest," said researcher Trevor Chandler.
Foreign investors hold 34% of the market, while a further 2% was held directly by the government.
Most shares - 40% - are owned by institutional investors
such as pension funds and life insurance companies, according to the research.
Only 24% of shares are held directly by South African
By excluding foreign and government stakes, the proportion
of black investors in the remaining categories could be calculated.
This year's study had been more comprehensive than in the
past two years, accounting for an increase in the numbers of black investors,
He declined to put a value on total black shareholding, as
share and exchange values changed daily and the JSE's biggest companies had
multiple listings across the world.