ALSIFTSE/JSE All Share Index

The FTSE/JSE All Share Index is the broad gauge of the Johannesburg Stock Exchange. It tracks a wide set of listed companies and rolls them into a single series, so a reader can see the general direction of the market rather than the fate of one counter.

What a composite index measures

An all-share index aggregates the prices of its constituent shares into one figure. Each company contributes according to the index method, which is why the index moves when the market as a whole moves, even if individual shares pull in different directions. It is a summary, not a portfolio and not a tradable share.

Why it is a ratio, not a price

The index level is expressed relative to a base date. The base is a reference point, and every later value is a ratio to it. That is why the number is not the price of anything you can own: it is a scaled comparison of current aggregate value against the starting level. A change in the index tells you how the aggregate has moved since that base, not what any single share costs.

How a reader can use it

• As a direction check on the whole market before looking at individual shares.
• As context for whether a move in one counter is broad or isolated.
• As a way to compare the market's general path over time.

Limits

The index says nothing about your own holdings. A broad market move can sit alongside very different outcomes in a single share, and the index does not reflect dividends, costs, or the weightings of your own portfolio. Treat it as a market-wide reference, and use a code lookup for the specific listed share you care about.