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South African (JSE) Market Analysis & Valuation

UpdatedDec 06, 2025
DataAggregated Company Financials
Companies210
  • 7D1.6%
  • 3M9.4%
  • 1Y23.1%
  • YTD26.7%

The market is up 1.6% over the last week, with the Financials sector leading the way, up 3.6%. In the last year, the market has climbed 23%. As for the next few years, earnings are expected to grow by 17% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Dec 2025R7.9tR5.4tR566.3b9.5x14x1.5x
Mon, 03 Nov 2025R7.7tR5.5tR575.7b9.2x13.4x1.4x
Wed, 01 Oct 2025R7.6tR5.5tR571.0b8.9x13.3x1.4x
Fri, 29 Aug 2025R7.3tR5.5tR576.4b9.2x12.6x1.3x
Sun, 27 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Tue, 24 Jun 2025R6.8tR5.5tR473.6b8.4x14.4x1.2x
Thu, 22 May 2025R6.7tR5.3tR422.0b8.8x15.9x1.3x
Sat, 19 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Mon, 17 Mar 2025R6.4tR5.3tR418.2b8.9x15.2x1.2x
Wed, 12 Feb 2025R6.4tR5.3tR370.1b9.5x17.2x1.2x
Fri, 10 Jan 2025R6.2tR5.3tR370.3b9.8x16.7x1.2x
Sun, 08 Dec 2024R6.4tR5.3tR362.8b10x17.7x1.2x
Tue, 05 Nov 2024R6.4tR5.3tR335.3b10.5x19x1.2x
Thu, 03 Oct 2024R6.4tR5.1tR336.8b10.3x18.9x1.2x
Sat, 31 Aug 2024R6.2tR5.2tR340.5b9.9x18.1x1.2x
Mon, 29 Jul 2024R5.9tR5.2tR418.1b9.4x14.2x1.1x
Wed, 26 Jun 2024R5.8tR5.2tR421.9b9x13.7x1.1x
Fri, 24 May 2024R5.7tR5.3tR435.0b8.5x13.1x1.1x
Sun, 21 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Tue, 19 Mar 2024R5.3tR5.4tR461.0b8.4x11.5x1x
Thu, 15 Feb 2024R5.5tR5.3tR527.2b9.1x10.4x1x
Sat, 13 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Mon, 11 Dec 2023R5.6tR5.5tR544.0b9.1x10.3x1x
Wed, 08 Nov 2023R5.4tR5.4tR542.3b8.7x10x1x
Fri, 06 Oct 2023R5.2tR5.5tR549.8b9.1x9.5x1x
Sun, 03 Sep 2023R5.8tR5.4tR564.2b8.7x10.2x1.1x
Tue, 01 Aug 2023R6.2tR5.3tR628.9b8.5x9.8x1.2x
Thu, 29 Jun 2023R5.8tR5.4tR629.0b8.5x9.2x1.1x
Sat, 27 May 2023R5.7tR5.4tR663.2b8.2x8.6x1.1x
Mon, 24 Apr 2023R6.1tR5.3tR669.8b8.2x9.1x1.1x
Wed, 22 Mar 2023R5.1tR5.1tR600.9b8.1x8.5x1x
Fri, 17 Feb 2023R6.3tR5.3tR660.1b8.6x9.6x1.2x
Sun, 15 Jan 2023R6.4tR5.2tR656.0b8.3x9.7x1.2x
Tue, 13 Dec 2022R6.0tR5.2tR659.9b8.5x9.1x1.2x
Price to Earnings Ratio

9.1x


Total Market Cap: R6.0tTotal Earnings: R659.9bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 12.9x202320242025
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 12.9x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.0% 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 Market1.63%
Financials3.64%
Materials1.72%
Energy1.68%
Consumer Discretionary0.52%
Healthcare0.50%
Telecom0.26%
Industrials0.24%
Tech0.14%
Consumer Staples0.091%
Utilities0%0
Real Estate-2.02%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.8% which is higher than its past year's earnings decline of 4.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings decline of 28% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 12% 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
FSR FirstRandR86.746.5%
+R29.4b		8.8%PE11.6xFinancials
SBK Standard Bank GroupR277.375.2%
+R22.3b		19.4%PB1.6xFinancials
CPI Capitec Bank HoldingsR4.03k3.6%
+R16.4b		21.4%PB8.7xFinancials
GFI Gold FieldsR735.002.2%
+R14.4b		191.3%PE20.6xMaterials
VAL Valterra PlatinumR1.24k4.1%
+R12.8b		113.5%PE245.9xMaterials
See more

Market Insights

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