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South African (JSE) Market Analysis & Valuation

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies201
  • 7D0.4%
  • 3M-2.7%
  • 1Y23.4%
  • YTD-2.1%

Over the last 7 days, the market has dropped 5.1%, driven by a pullback of 12% in the Materials sector. Meanwhile, the Energy sector has outperformed, gaining 5.3% in that time. As for the longer term, the market has actually risen by 20% in the last year. Looking forward, earnings are forecast to grow by 15% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026R8.0tR5.5tR627.4b9.3x12.7x1.4x
Sat, 21 Feb 2026R8.6tR5.3tR554.9b9.7x15.5x1.6x
Mon, 19 Jan 2026R8.4tR5.3tR558.6b9.6x15.1x1.6x
Wed, 17 Dec 2025R7.9tR5.4tR562.3b9.3x14.1x1.5x
Fri, 14 Nov 2025R8.0tR5.5tR569.9b9.7x14.1x1.4x
Sun, 12 Oct 2025R7.8tR5.5tR574.9b9.2x13.5x1.4x
Tue, 09 Sep 2025R7.3tR5.5tR566.3b8.9x12.9x1.3x
Thu, 07 Aug 2025R7.2tR5.5tR467.2b8.5x15.3x1.3x
Sat, 05 Jul 2025R7.0tR5.5tR472.5b8.5x14.8x1.3x
Mon, 02 Jun 2025R6.8tR5.3tR426.6b8.6x15.9x1.3x
Wed, 30 Apr 2025R6.6tR5.4tR425.4b8.6x15.5x1.2x
Fri, 28 Mar 2025R6.5tR5.3tR421.0b8.6x15.6x1.2x
Sun, 23 Feb 2025R6.5tR5.3tR415.7b9.6x15.5x1.2x
Tue, 21 Jan 2025R6.2tR5.3tR368.2b9.7x16.9x1.2x
Thu, 19 Dec 2024R6.3tR5.3tR362.9b10x17.5x1.2x
Sat, 16 Nov 2024R6.2tR5.3tR343.1b10x18.1x1.2x
Mon, 14 Oct 2024R6.3tR5.1tR336.2b10.4x18.9x1.2x
Wed, 11 Sep 2024R6.0tR5.2tR347.9b9.9x17.3x1.2x
Fri, 09 Aug 2024R5.9tR5.2tR418.4b9.6x14.1x1.1x
Sun, 07 Jul 2024R5.8tR5.1tR458.9b9.3x12.7x1.1x
Tue, 04 Jun 2024R5.6tR5.2tR431.9b8.7x12.9x1.1x
Thu, 02 May 2024R5.5tR5.3tR433.5b8.5x12.7x1x
Sat, 30 Mar 2024R5.5tR5.3tR433.2b8.7x12.6x1x
Mon, 26 Feb 2024R5.5tR5.3tR522.1b9.1x10.6x1x
Wed, 24 Jan 2024R5.6tR5.5tR543.5b9.4x10.3x1x
Fri, 22 Dec 2023R5.8tR5.4tR539.1b9.2x10.7x1.1x
Sun, 19 Nov 2023R5.6tR5.4tR538.6b9x10.3x1x
Tue, 17 Oct 2023R5.5tR5.4tR545.8b9x10.1x1x
Thu, 14 Sep 2023R5.7tR5.5tR552.8b8.8x10.3x1x
Sat, 12 Aug 2023R6.0tR5.4tR631.3b8.4x9.5x1.1x
Mon, 10 Jul 2023R5.8tR5.4tR660.7b8.5x8.7x1.1x
Wed, 07 Jun 2023R5.9tR5.4tR655.6b8.2x9x1.1x
Fri, 05 May 2023R6.0tR5.3tR668.9b8.3x9x1.1x
Sun, 02 Apr 2023R6.0tR5.3tR646.5b8.2x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.0tTotal Earnings: R646.5bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.4x202420252026
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 13.4x.
Past Earnings Growth
  • Both revenue and earnings for South African listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

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

ZA Market0.42%
Telecom2.00%
Financials1.75%
Real Estate1.39%
Consumer Staples1.35%
Healthcare0.86%
Consumer Discretionary0.46%
Tech0.12%
Utilities0%0
Industrials-0.58%
Energy-1.31%
Materials-2.29%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth even though it's trading below its 3-year average PE ratio of 20.4x.
    • Analysts are expecting annual earnings growth of 11.5%, which is lower than the prior year's growth of 14.4% per year.
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 6.1% 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
MTN MTN GroupR203.702.9%
+R10.7b		60.9%PE18.4xTelecom
ABG Absa GroupR244.145.6%
+R10.6b		31.4%PB1.1xFinancials
FSR FirstRandR90.111.7%
+R8.5b		18.9%PE11.4xFinancials
SLM SanlamR91.434.4%
+R8.0b		5.6%PE12xFinancials
SOL SasolR215.476.1%
+R8.0b		186.5%PE57.7xMaterials
See more

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