JSE Index Changes Are Here – Will You Be Rebalancing Your Portfolio?

The Johannesburg Stock Exchange (JSE) conducts regular index rebalancing to ensure its key benchmarks, such as the FTSE/JSE Top 40 and All Share Index, remain accurate reflections of the market. This process, carried out quarterly, updates the composition and weightings of indices to account for changes in company size, liquidity, and free float.

Rebalancing plays a critical role in maintaining fairness, transparency, and representativeness. As companies grow or decline in value, their index weighting is adjusted to reflect their true market impact. For investors, this ensures that the indices they track or benchmark against remain relevant and aligned with the most investable opportunities on the JSE. Investors access these indices through Exchange-Traded Funds (ETFs), which automatically adjust their holdings during each rebalance.

The latest adjustments will be applied after market close on Friday, 19 September 2025, and will take effect from Monday, 22 September 2025. Some of the key inclusions and exclusions across the various indices include:

FTSE/JSE Top 40 – Tracks the 40 largest companies by market value and liquidity.

• Inclusion: Glencore plc
• Exclusion: Aspen Pharmacare Holdings Ltd

FTSE/JSE Mid Cap – Represents medium-sized companies ranked below the Top 40.

• Inclusions: Kumba Iron Ore Ltd, Pan African Resources plc, PSG Financial Services Ltd
• Exclusion: Sappi Ltd

FTSE/JSE Shariah Top 40 – Shariah-compliant stocks in the FTSE/JSE Top 40 Index

• Inclusion: Glencore plc
• Exclusion: Aspen Pharmacare Holdings Ltd

FTSE/JSE Dividend+ – Top 30 high-yield stocks from Top 40 and Mid Cap (ex-REITs).

• Inclusions: Ninety One Ltd, Pan African Resources plc, Mondi plc, AngloGold Ashanti plc
• Exclusions: Sappi Ltd, Valterra Platinum Ltd, Sibanye Stillwater Ltd, Sasol Ltd

FTSE/JSE Shareholder Weighted Top 40 – Top 40 companies weighted by South African shareholder base.

• Inclusion: Glencore plc
• Exclusion: Aspen Pharmacare Holdings Ltd

Investors can access the full breakdown of the adjustments here. 

Index Shuffle Sparks Volatility and New Opportunities

These changes often trigger capital shifts, as index-tracking funds and ETFs must adjust their holdings to match the new inclusions and exclusions. That can drive short-term buying in companies being added and selling in those being removed, creating pockets of volatility.  For individual investors, this could also serve as a reminder that index movements can influence share prices even when company fundamentals remain unchanged.

At the same time, the reshuffle highlights broader market trends, like the resilience of resources through Glencore’s inclusion and the pressure facing Aspen in healthcare. Adjustments in the Dividend+ Index also point to evolving opportunities for income-focused investors. With these shifts shaping both sector strength and portfolio exposure, the key question is: will you be rebalancing your portfolio and adding some of these companies?

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