Heymans, A., & Da, C. R. (2013). In the last crisis, it was made known that “no market is immune to spill-over effects from other international markets”. To confirm this, the article found that Frankfurt and New York stock spill overs affected the JSE. The findings also confirm the Johannesburg stock exchanges AlSI is directly affected through contagion by the returns of the economic area where the crisis originates. The results further confirmed that South Africa has successfully made progress in shielding its stock market against financial crises in recent times. The discoveries held useful implications for South African stock portfolio managers .