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South African (JSE) Market Analysis & Valuation

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies203
  • 7D2.1%
  • 3M10.6%
  • 1Y40.5%
  • YTD5.2%

The market is up 2.1% over the last week, with the Materials sector leading the way, up 8.4%. In contrast, the Consumer Discretionary sector is lagging, dropping 3.2%. The market is up 40% over the last 12 months. Looking forward, earnings are forecast to grow by 20% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026R8.6tR5.3tR556.4b9.7x15.5x1.6x
Tue, 23 Dec 2025R8.2tR5.4tR561.9b9.3x14.5x1.5x
Thu, 20 Nov 2025R7.9tR5.5tR571.0b9.5x13.8x1.4x
Sat, 18 Oct 2025R7.8tR5.5tR574.2b9.3x13.6x1.4x
Mon, 15 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Wed, 13 Aug 2025R7.3tR5.5tR463.7b8.8x15.6x1.3x
Fri, 11 Jul 2025R7.0tR5.5tR473.8b8.5x14.8x1.3x
Sun, 08 Jun 2025R6.9tR5.4tR432.6b8.6x15.9x1.3x
Tue, 06 May 2025R6.6tR5.3tR423.0b8.9x15.7x1.2x
Thu, 03 Apr 2025R6.4tR5.4tR425.8b8.5x15.1x1.2x
Sat, 01 Mar 2025R6.4tR5.3tR413.2b9.3x15.4x1.2x
Mon, 27 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Wed, 25 Dec 2024R6.3tR5.3tR365.8b10x17.2x1.2x
Fri, 22 Nov 2024R6.3tR5.3tR342.7b10.1x18.5x1.2x
Sun, 20 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Tue, 17 Sep 2024R6.0tR5.2tR328.5b9.7x18.4x1.2x
Thu, 15 Aug 2024R6.0tR5.2tR415.4b9.5x14.3x1.1x
Sat, 13 Jul 2024R5.9tR5.2tR420.2b9.1x14.1x1.1x
Mon, 10 Jun 2024R5.5tR5.3tR437.7b8.7x12.5x1x
Wed, 08 May 2024R5.6tR5.3tR432.8b8.5x12.9x1x
Fri, 05 Apr 2024R5.5tR5.3tR432.9b8.7x12.8x1x
Sun, 03 Mar 2024R5.4tR5.3tR503.1b8.9x10.8x1x
Tue, 30 Jan 2024R5.6tR5.4tR541.8b9.3x10.4x1x
Thu, 28 Dec 2023R5.9tR5.4tR539.2b9.3x10.9x1.1x
Sat, 25 Nov 2023R5.7tR5.4tR540.9b9.2x10.5x1x
Mon, 23 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Wed, 20 Sep 2023R5.6tR5.5tR555.5b9.2x10x1x
Fri, 18 Aug 2023R5.8tR5.4tR634.7b8.3x9.1x1.1x
Sun, 16 Jul 2023R6.0tR5.4tR656.0b8.5x9.1x1.1x
Tue, 13 Jun 2023R5.9tR5.4tR654.3b8.3x9x1.1x
Thu, 11 May 2023R6.0tR5.4tR670.0b8.1x8.9x1.1x
Sat, 08 Apr 2023R6.1tR5.3tR650.2b8.6x9.4x1.1x
Mon, 06 Mar 2023R6.2tR5.3tR638.2b8.5x9.7x1.2x
Wed, 01 Feb 2023R6.4tR5.2tR659.9b8.4x9.6x1.2x
Price to Earnings Ratio

9.6x


Total Market Cap: R6.4tTotal Earnings: R659.9bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.1x202420252026
Current Market PE
  • Investors are optimistic on the South African market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 15.5x which is higher than its 3-year average PE of 13.1x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.5% 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 Market2.11%
Materials8.45%
Energy2.59%
Financials1.31%
Real Estate0.82%
Industrials0.35%
Telecom0.12%
Utilities0%0
Consumer Staples-1.85%
Tech-1.98%
Consumer Discretionary-3.25%
Healthcare-5.23%
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 37.3% which is higher than its past year's earnings decline of 3.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% 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 6.5% 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
VAL Valterra PlatinumR1.69k12.1%
+R48.1b		177.6%PE335.8xMaterials
IMP Impala Platinum HoldingsR349.3117.4%
+R46.4b		260.1%PE411.7xMaterials
GFI Gold FieldsR851.514.0%
+R29.5b		174.7%PE25.1xMaterials
SSW Sibanye StillwaterR77.7912.2%
+R23.9b		343.8%PS2xMaterials
NPH Northam Platinum HoldingsR413.738.9%
+R12.8b		252.9%PE103xMaterials
See more

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R851.51
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7D
4.0%
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174.7%

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IMP
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Impala Platinum Holdings
7D
17.4%
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NTC
R15.71
Netcare
7D
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1Y
8.0%

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SOL
R117.03
Sasol
7D
14.8%
1Y
35.1%

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HAR
R380.67
Harmony Gold Mining
7D
4.0%
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91.1%

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R176.18
MTN Group
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-1.7%
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56.1%

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SAP
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R268.63
Shoprite Holdings
7D
-2.5%
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APN
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