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South African (JSE) Market Analysis & Valuation

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies201
  • 7D-7.7%
  • 3M5.1%
  • 1Y29.7%
  • YTD-0.2%

Over the last 7 days, the market has dropped 7.7%, driven by a pullback of 12% in the Materials sector. Meanwhile, the Energy sector has outperformed, gaining 7.0% in that time. As for the longer term, the market has actually risen by 30% in the last year. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026R8.1tR5.4tR604.4b9.6x13.5x1.5x
Thu, 05 Feb 2026R8.5tR5.3tR554.2b9.7x15.3x1.6x
Sat, 03 Jan 2026R8.2tR5.4tR559.3b9.6x14.7x1.5x
Mon, 01 Dec 2025R7.8tR5.4tR566.1b9.3x13.8x1.4x
Wed, 29 Oct 2025R7.8tR5.5tR572.7b9.2x13.6x1.4x
Fri, 26 Sep 2025R7.5tR5.5tR570.4b8.9x13.1x1.4x
Sun, 24 Aug 2025R7.4tR5.5tR491.8b9.2x15x1.3x
Tue, 22 Jul 2025R7.1tR5.5tR472.5b8.7x15.1x1.3x
Thu, 19 Jun 2025R6.8tR5.5tR440.3b8.5x15.4x1.2x
Sat, 17 May 2025R6.7tR5.3tR420.3b8.9x15.9x1.2x
Mon, 14 Apr 2025R6.2tR5.4tR428.5b8.2x14.5x1.2x
Wed, 12 Mar 2025R6.3tR5.3tR422.4b8.7x15x1.2x
Fri, 07 Feb 2025R6.4tR5.3tR371.3b9.8x17.1x1.2x
Sun, 05 Jan 2025R6.3tR5.3tR369.2b9.9x17x1.2x
Tue, 03 Dec 2024R6.3tR5.3tR351.4b10.1x18x1.2x
Thu, 31 Oct 2024R6.4tR5.1tR339.4b10.3x18.8x1.2x
Sat, 28 Sep 2024R6.4tR5.2tR333.8b10.3x19.3x1.2x
Mon, 26 Aug 2024R6.2tR5.2tR349.5b9.7x17.7x1.2x
Wed, 24 Jul 2024R5.9tR5.2tR421.2b9.2x14x1.1x
Fri, 21 Jun 2024R5.8tR5.1tR480.8b9x12.1x1.1x
Sun, 19 May 2024R5.8tR5.3tR431.3b8.6x13.3x1.1x
Tue, 16 Apr 2024R5.4tR5.3tR433.7b8.6x12.6x1x
Thu, 14 Mar 2024R5.5tR5.4tR453.8b8.5x12.1x1x
Sat, 10 Feb 2024R5.5tR5.3tR533.2b9.1x10.3x1x
Mon, 08 Jan 2024R5.7tR5.4tR541.2b9.5x10.5x1x
Wed, 06 Dec 2023R5.6tR5.5tR546.2b9.1x10.3x1x
Fri, 03 Nov 2023R5.4tR5.4tR542.7b8.9x10x1x
Sun, 01 Oct 2023R5.5tR5.5tR548.0b9.1x10x1x
Tue, 29 Aug 2023R5.9tR5.4tR585.3b8.8x10x1.1x
Thu, 27 Jul 2023R6.0tR5.3tR631.4b8.5x9.5x1.1x
Sat, 24 Jun 2023R5.8tR5.4tR631.0b8.3x9.1x1.1x
Mon, 22 May 2023R5.9tR5.4tR669.0b7.6x8.8x1.1x
Wed, 19 Apr 2023R6.2tR5.3tR657.7b8.1x9.4x1.2x
Fri, 17 Mar 2023R5.8tR5.3tR646.3b8.2x9x1.1x
Price to Earnings Ratio

9x


Total Market Cap: R5.8tTotal Earnings: R646.3bTotal 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 2.2% 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-7.75%
Energy7.01%
Healthcare0.18%
Utilities0%0
Consumer Discretionary-1.42%
Consumer Staples-3.69%
Tech-5.75%
Real Estate-7.13%
Industrials-7.44%
Financials-7.87%
Telecom-8.13%
Materials-11.95%
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 27.1x.
    • Analysts expect its future annual earnings growth (29.9%) 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 49% 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 7.5% 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
NPN NaspersR945.0811.9%
+R77.1b		2.0%PE7.7xConsumer Discretionary
GFI Gold FieldsR850.322.4%
+R18.2b		128.8%PE13.1xMaterials
VAL Valterra PlatinumR1.65k3.2%
+R13.4b		130.9%PE28xMaterials
NPH Northam Platinum HoldingsR400.357.2%
+R10.6b		210.6%PE17.2xMaterials
SOL SasolR155.266.3%
+R6.0b		93.2%PE41.6xMaterials
See more

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