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South African (JSE) Market Analysis & Valuation

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies201
  • 7D-5.0%
  • 3M6.7%
  • 1Y32.8%
  • YTD2.6%

Over the last 7 days, the market has dropped 5.0%, driven by declines in the Materials and Financials sectors of 8.2% and 6.1%, respectively. Meanwhile, the Energy sector has outperformed, gaining 13% in that time. As for the longer term, the market has actually risen by 33% in the last year. Earnings are forecast to grow by 16% annually.

Market Valuation and Performance

Has the South African Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026R8.4tR5.4tR594.7b9.7x14.1x1.6x
Sun, 01 Feb 2026R8.5tR5.3tR555.4b9.5x15.2x1.6x
Tue, 30 Dec 2025R8.2tR5.4tR561.3b9.5x14.6x1.5x
Thu, 27 Nov 2025R7.9tR5.4tR570.6b9.4x13.8x1.4x
Sat, 25 Oct 2025R7.8tR5.5tR573.4b9.2x13.6x1.4x
Mon, 22 Sep 2025R7.5tR5.5tR572.3b9x13.1x1.4x
Wed, 20 Aug 2025R7.3tR5.5tR482.3b9.2x15x1.3x
Fri, 18 Jul 2025R7.0tR5.5tR474.1b8.2x14.8x1.3x
Sun, 15 Jun 2025R6.8tR5.5tR436.4b8.6x15.6x1.2x
Tue, 13 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Thu, 10 Apr 2025R5.9tR5.4tR428.9b8x13.9x1.1x
Sat, 08 Mar 2025R6.4tR5.3tR417.3b9.2x15.4x1.2x
Mon, 03 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Wed, 01 Jan 2025R6.2tR5.3tR369.9b10.2x16.8x1.2x
Fri, 29 Nov 2024R6.3tR5.3tR349.0b9.9x18x1.2x
Sun, 27 Oct 2024R6.4tR5.1tR339.6b10.5x18.8x1.2x
Tue, 24 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Thu, 22 Aug 2024R6.2tR5.2tR351.1b9.5x17.6x1.2x
Sat, 20 Jul 2024R5.8tR5.2tR421.7b9.4x13.8x1.1x
Mon, 17 Jun 2024R5.6tR5.2tR434.7b8.6x12.8x1.1x
Wed, 15 May 2024R5.7tR5.3tR430.4b8.7x13.2x1.1x
Fri, 12 Apr 2024R5.5tR5.3tR432.2b8.7x12.8x1x
Sun, 10 Mar 2024R5.5tR5.3tR448.7b8.6x12.2x1x
Tue, 06 Feb 2024R5.6tR5.3tR536.3b9.1x10.4x1x
Thu, 04 Jan 2024R5.7tR5.4tR541.3b9.5x10.6x1x
Sat, 02 Dec 2023R5.6tR5.4tR545.3b9.1x10.3x1x
Mon, 30 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Wed, 27 Sep 2023R5.5tR5.5tR551.2b9x10x1x
Fri, 25 Aug 2023R5.8tR5.4tR596.8b8.5x9.7x1.1x
Sun, 23 Jul 2023R6.0tR5.4tR654.4b8.5x9.1x1.1x
Tue, 20 Jun 2023R6.1tR5.4tR637.2b8.5x9.5x1.1x
Thu, 18 May 2023R5.9tR5.4tR668.3b8x8.8x1.1x
Sat, 15 Apr 2023R6.2tR5.3tR656.6b8.4x9.4x1.2x
Mon, 13 Mar 2023R6.1tR5.3tR647.5b8.5x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.1tTotal Earnings: R647.5bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.3x202420252026
Current Market PE
  • Investors are relatively neutral on the South African market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 13.3x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.8% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the South African Market?

ZA Market-5.01%
Energy13.28%
Healthcare1.68%
Utilities0%0
Telecom-0.97%
Tech-1.80%
Consumer Staples-1.87%
Consumer Discretionary-1.89%
Real Estate-3.19%
Industrials-4.16%
Financials-6.08%
Materials-8.22%
Sector PE
  • Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 27.0x.
    • Analysts expect its future annual earnings growth (30.0%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 6.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
SOL SasolR144.6915.6%
+R12.6b		95.6%PE38.8xMaterials
TGA Thungela ResourcesR144.3435.4%
+R4.9b		27.2%PE7.3xEnergy
APN Aspen Pharmacare HoldingsR142.685.3%
+R3.2b		-18.6%PS1.5xHealthcare
EXX Exxaro ResourcesR206.626.7%
+R3.1b		31.7%PE6xEnergy
BID BidR423.490.5%
+R668.6m		-2.3%PE16.2xConsumer Staples
See more

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