BAT to Replace ArcelorMittal S. Africa in JSE’s Top 40 Index
British American Tobacco Plc (BTI) will be included in the Johannesburg Stock Exchange’s Top 40 index from Dec. 19, replacing ArcelorMittal South Africa Ltd. (ACL), after a quarterly review of companies’ index weightings.
BAT will carry the highest weighting in the index, replacing MTN Group Ltd. (MTN), JSE Ltd., which runs the exchange, said in a stock exchange statement.
The exchange also reclassified 32 companies, including BAT, as domestic securities, following the easing of rules restricting foreign stock ownership in the Treasury’s mid-term budget on Oct. 25. The companies were previously classified as “inward foreign listings” and counted as foreign shares in terms of prudential limits for local fund managers.
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