International giants beating South African companies in their own backyard
The Johannesburg Stock Exchange’s (JSE) Top 40 Index is a collection of South Africa’s largest and best-known companies, but some international groups are also quietly on this list.
The Top 40 Index was created through a collaboration between the JSE and the FTSE Russell, a British trading group.
The index tracks the weighted performance of the 40 largest companies trading on the JSE, giving an insight into the average performance at the top of the bourse.
To decide the 40 largest companies, the index tracks each company’s market capitalisation (market cap), a measurement of its overall value.
FTSE Russell said the index has several uses, including as a performance benchmark for the JSE.
“The index is designed for use in the creation of index tracking funds, derivatives and as a performance benchmark,” the group said.
It added that it is “designed to represent the performance of South African companies, providing investors with a comprehensive and complementary set of indices, which measure the performance of the major capital and industry segments of the South African market.”
Of the 40 companies listed in the index, FTSE Russell noted the top 10 highest performers, as of 10 September 2026, which include:
- Gold Fields
- Naspers
- Anglogold Ashanti
- Firstrand
- Capitec
- Standard Bank
- MTN
- Valterra Platinum
- Anglo American
- Prosus
The index also represents several sectors of South Africa’s business landscape, with the technology industry having the largest presence.
Telecommunications, Healthcare, banking, and financial services also account for considerable weight in the index.
While the majority of the companies on the Top 40 Index are based in South Africa, there are some international companies on the list.
These companies are often represented on the JSE through a secondary listing, while being headquartered overseas.
These international companies have managed to outperform the majority of JSE-listed companies, which numbered over 400 as of early 2026.
Below are a handful of the notable international companies represented in the top 40 index. Share price data is based on the closing price on 28 October 2026.
British American Tobacco
Market cap: R2.15 trillion
Share price: 100,022 cents
British American Tobacco was founded in 1902 in England as a joint venture between two tobacco companies.
The company debuted on the JSE in October 2008 and quickly became one of the largest groups listed on the bourse.
While British American is primarily listed in London, the business sought a secondary listing as part of a major restructuring.
“BAT sought a secondary listing in Johannesburg as part of a restructuring under which Richemont and Remgro spun off their combined 30.1 percent stake, a move that made the Swiss firm Europe’s second biggest pure luxury specialist,” Reuters reported at the time.
Anheuser-Busch InBev
Market cap: R2.4 trillion
Share price: 135,292 cents
Anheuser-Busch InBev (AB InBev) is the world’s largest brewing company, with roots dating back to the Den Hoorn Brewery in Belgium in the 14th century.
The company made several mergers and acquisitions over its long history to become a powerhouse in the global drinks industry.
Today, AB InBev has an international presence through brands such as Stella Artois, Corona, and Bud Light.
The global powerhouse has its main listing on Euronext Brussels, Belgium’s main exchange, and took a secondary listing in South Africa in 2016.
Compagnie Financière Richemont
Market cap: R1.8 trillion
Share price: 327,575 cents
Compagnie Financière Richemont (Richemont) is a Swiss luxury brand founded by South African billionaire Johann Rupert in 1988.
The company was founded after international Remgro (formerly Rembrandt) assets were spun off, creating the luxury items group.
Today, the company owns several high-class brands such as Cartier, Montblanc, and Gianvito Rossi, with a primary listing on the Swiss exchange and a secondary listing on the JSE.
NEPI Rockcastle
Market cap: R102.3 billion
Share price: 14,500 cents
NEPI Rockcastle was formed in 2017, after two real estate companies, Rockcastle and NEPI, merged to form the largest retail real estate group in Eastern Europe.
The company is headquartered in the Netherlands and has an extensive property portfolio of shopping malls across Europe.
Despite not owning or operating any retail assets in South Africa, the company has a primary listing on the JSE and a second primary listing on Euronext Amsterdam.
Prosus
Market cap: R1.4 trillion
Share price: 63,121 cents
Prosus is a technology investment group, originally formed by the South African company Naspers to house its international investments.
The company is headquartered in the Netherlands and has its primary listing on the country’s exchange, with a secondary listing on the JSE.
While the company is based overseas, it has several connections to South Africa through its parent company, including its chairman, Koos Bekker.
Glencore
Market cap: R1.41 trillion
Share price: 11,994 cents
Glencore is a global mining and commodities giant, headquartered in Switzerland, with several ties to South Africa.
The company operates in South Africa’s mining industry and controls Astron Energy, one of South Africa’s two oil refining companies.
Early in its history, Glencore (formerly Marc Rich + Co) stirred controversy due to bypassing international trade sanctions in its deals with apartheid-era South Africa.
Today, the company has a primary listing on the London Stock Exchange and gained a secondary listing on the JSE in 2013 following a merger with Xstrata.
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