By SVEN LUNSCHE

THE grip of South Africa's largest conglomerates on the economy is gradually loosening in the wake of corporate unbundling, black empowerment ventures and sharply falling precious metal prices.

Research released by McGregor Information Services this week shows that control of JSE-listed companies by five top conglomerates has fallen from 85.1% in 1987 to 67.2% in April this year.

The decline was led by Anglo American, which 10 years ago controlled over 60% of the market capitalisation of the JSE. Now, claims McGregor, the figure has slipped to just under 25%, comprising 48 companies.

Its influence has been curtailed this year by the sharp fall in the gold price and the sale of its 35% interest in industrial group Johnnic and mining house JCI to black-led consortia.

The other four large conglomerates - Old Mutual, Sanlam, Rembrandt Group and Liberty Life - raised their stake on the JSE but not enough to offset Anglo's decline.

Most notable was the influence exerted by Liberty Life, whose control of the JSE has improved from 2% to 11.3% over the past 10 years. Rembrandt more than doubled its influence from 4.3% to 9.8% while Old Mutual and Sanlam by and large maintained their levels of control at 10% to 11% each.

Black control of JSE companies is surging, says the report. Boosted by the JCI and Johnnic deals, black groupings now control about 8.6% of JSE shareholdings. A mere two years ago the figure was negligible at 0.3%.

Foreigners are again becoming a force on the market. They hold about 4.7% of market capitalisation, the same level as 10 years ago but up from the level of 1.9% in 1991.

McGregor's figures have been criticised by the conglomerates who argue that its assessment of shareholder influence is inaccurate.