The performance of the JSE during the first half of 2024 would have shattered any investor’s dream of ordering a new Porsche this year. Overall, the market returned less than 4% since January, with the JSE All Share Index increasing by only 3.7%.
Similar unusual factors were behind the sharp increases in the prices of other shares on the list of biggest price increases over the last six months.Quantum Foods increased by more than 200% over the six months to R13.50, while it has been even higher at nearly R19. The strong increase pushed the price-earnings ratio to nearly 1 000 times – not because of excellent prospects, but because of an ongoing fight for control of the food producer.
Also interesting is the reason for the strong rise of 95% in the share price of Mantengu Mining, a chrome and platinum mining project in SA. The share price doubled within days after the company complained to the JSE that it believes its share price is being manipulated by individuals who aim to harm the company’s growth. The net asset value is apparently R5.50.
Then it fell like a stone back to around R550 when BHP and Anglo announced that the two groups could not reach an agreement.