The JSE all share index (Alsi) rose by 34% between April 1 2006 and March 31 2007, the period which Top Companies uses for selecting companies. That follows a rise of 51,5% the previous year. Half of last year's Top 20 companies managed to outperform the Alsi and most did so by a wide margin.

Scharrig Mining, an old favourite, was the best performer as regards its one-year share price movement. It rose by 99,9%. It's in the right sector at the right time and investors obviously like it.

Distribution & Ware-housing Network (Dawn) also had a great year, rising by 74%. A logistics operation, it's getting a double whammy effect: getting the right goods to the right place on time in a sector (building & construction) that's booming and is likely to continue to for years to come.

Four retailers were in last year's Top 20 and had vastly differing share price performances last year. Massmart is the leading general merchandising retailer in the country and had an outstanding share price performance (44,4%). Investors clearly like the Builder's Warehouse element to Massmart as, like Dawn, it's in the home improvement industry. And, unlike the clothing and furniture retailers, Massmart's sales are predominantly cash. This gives investors a lot of comfort at a time when private-sector credit extension is perceived to be getting out of hand.

Foschini only managed an 18,6% share price rise, roughly half of what the Alsi did, which is surprising given its excellent earnings performance. But it could be due to a base effect. In May last year, it plummeted, losing a third of its value in a few weeks. Of course, that presented a big buying opportunity, as the share price rose by 67% from its trough in June to the end of March.

Edcon - 17,9% up - experienced a similar situation to Foschini.

Woolies rose in line with the JSE - 33,6% - and is pumping. Its store roll-out programme is exceptional and management reckons it will double its share of the food retail market in the next five years. Needless to say, this is giving the supermarkets sleepless nights.

MTN managed an outstanding 60,2% rise in its share price. Its strategy of expanding into the rest of Africa and elsewhere to gain new subscribers is paying off handsomely and investors obviously like it.