Abstract
This paper reviews recent empirical work concerning the number and macroeconomic nature of the priced Arbitrage Pricing Theory (APT) factors on the Johannesburg Stock Exchange (JSE). As a consolidation of prior factor analytic and prespecified variable findings, a brief empirical component is presented with the intention of distilling a simple graphic depiction of the ‘macroeconomic risk structure’ of the Johannesburg Stock Exchange over the period 1965–1995.