Five months into 2023, more than two dozen shares are down over 20% on the JSE. Much of this decline has come in recent weeks as local equities find themselves under enormous pressure. Selling by overseas investors has been prevalent for a number of months already, with net foreign sales totalling nearly R30 billion for the year so far. In the whole of 2022, net selling was R84 billion.
Read: Food shortage in SA not so far-fetched – PnP CEO Transaction Capital takes 48% profit hit after downsizing taxi business This is even before factoring in the mess at Transnet, which is effectively forcing companies to shift transport of commodities from rail to road . Major platinum group metal producers Impala Platinum and Anglo American Platinum are also down by more than 20% in 2023.
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