Johannesburg - Car manufacturer Toyota, along with seven other small cap shares, will move to the mid cap index of the JSE Securities Exchange after the market close tomorrow, the bourse announced yesterday.
According to the JSE's methodology, the mid cap index represents the 60 shares following the top 40 shares. The remaining shares are represented in the small cap index.
Other small cap shares to change their status are Highveld Steel and Vanadium, retail clothing company Foschini, Kroondal Platinum Mines, Edgars Consolidated Stores, Afrox Healthcare, MNet-ss and Investment Solutions.
Mid cap shares moving to the small cap index are life assurance group and investment management group Sage, Distillers, industrial food firm Hunt Leuchars & Hepburn, agri-business company OTK, life assurance and financial services company Capital Alliance and retail furniture group Profurn.
Roelof Horne, the head of research at Investec, said although these indices were used in some unit trusts definitions, he did not expect any major share movements as a result of the reconstitution.
These indices are not tracked in the same way as the Alsi 40, from which De Beers and Fedsure were recently removed to make way for Metcash and Metropolitan.
The big mover among the new mid cap inclusions yesterday was Highveld, falling 8,05 percent to R16. The substantial movers in the new small cap index were Sage (10,41 percent off at R8,78) and Profurn (down 6,41 percent to 73c).
Horne noted that these shares had been affected by issues specifically related to the companies, rendering the impact of the changes unsubstantial.