The Investor - Moneyweb's monthly investment magazine Issue 4 | Page 47

For the major JSE indices, little has changed, with financial, industrial and resource stocks all shedding value over the past month (See: Figure 2 major JSE indices chart). The sell-off off JSE stocks since mid-April – while US stocks held steady – has seen the S&P 500 overtake the JSE all share index in terms of relative performance. ■ The JSE’s gold index now takes on laggard status, alongside the construction sector in terms of relative performance over the past 12 months. Figure 3 ISSUE 4 – JULY 2015 47