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South African (JSE) Market Analysis & Valuation

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies201
  • 7D-1.7%
  • 3M2.2%
  • 1Y28.7%
  • YTD0.2%

Over the last 7 days, the market has dropped 1.7%, driven by a loss of 4.8% in the Materials sector. In contrast to the last week, the market is actually up 29% over the past year. 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
Wed, 18 Mar 2026R8.2tR5.5tR624.7b9.2x13.1x1.5x
Fri, 13 Feb 2026R8.5tR5.3tR557.0b9.7x15.3x1.6x
Sun, 11 Jan 2026R8.3tR5.4tR559.5b9.6x14.9x1.6x
Tue, 09 Dec 2025R7.8tR5.4tR567.0b9.4x13.8x1.4x
Thu, 06 Nov 2025R7.7tR5.5tR577.0b9.1x13.4x1.4x
Sat, 04 Oct 2025R7.7tR5.5tR572.1b8.9x13.5x1.4x
Mon, 01 Sep 2025R7.3tR5.5tR574.7b9.1x12.6x1.3x
Wed, 30 Jul 2025R7.1tR5.5tR468.7b8.2x15.2x1.3x
Fri, 27 Jun 2025R6.9tR5.5tR473.8b8.5x14.6x1.3x
Sun, 25 May 2025R6.7tR5.3tR418.2b8.7x16.1x1.3x
Tue, 22 Apr 2025R6.5tR5.4tR426.1b8.4x15.2x1.2x
Thu, 20 Mar 2025R6.5tR5.3tR413.1b9x15.8x1.2x
Sat, 15 Feb 2025R6.4tR5.3tR370.2b9.5x17.4x1.2x
Mon, 13 Jan 2025R6.2tR5.3tR371.3b10x16.6x1.2x
Wed, 11 Dec 2024R6.5tR5.3tR361.5b10.1x17.9x1.2x
Fri, 08 Nov 2024R6.4tR5.3tR336.2b10.3x18.9x1.2x
Sun, 06 Oct 2024R6.3tR5.3tR338.8b10.3x18.7x1.2x
Tue, 03 Sep 2024R6.1tR5.2tR345.4b9.8x17.7x1.2x
Thu, 01 Aug 2024R6.1tR5.2tR417.5b9.7x14.5x1.2x
Sat, 29 Jun 2024R5.8tR5.2tR421.3b8.9x13.8x1.1x
Mon, 27 May 2024R5.7tR5.3tR429.4b8.7x13.3x1.1x
Wed, 24 Apr 2024R5.3tR5.3tR436.5b8.5x12.2x1x
Fri, 22 Mar 2024R5.3tR5.4tR449.1b8.5x11.9x1x
Sun, 18 Feb 2024R5.5tR5.3tR526.0b9x10.4x1x
Tue, 16 Jan 2024R5.7tR5.4tR541.1b9.4x10.4x1x
Thu, 14 Dec 2023R5.5tR5.5tR544.6b9.1x10.2x1x
Sat, 11 Nov 2023R5.5tR5.5tR537.7b9x10.1x1x
Mon, 09 Oct 2023R5.3tR5.5tR549.9b9.1x9.6x1x
Wed, 06 Sep 2023R5.8tR5.4tR560.8b8.9x10.3x1.1x
Fri, 04 Aug 2023R5.9tR5.4tR635.0b8.4x9.4x1.1x
Sun, 02 Jul 2023R5.8tR5.4tR660.6b8.6x8.9x1.1x
Tue, 30 May 2023R5.7tR5.4tR663.4b8x8.6x1.1x
Thu, 27 Apr 2023R6.1tR5.4tR671.5b8.1x9.1x1.1x
Sat, 25 Mar 2023R5.9tR5.3tR645.6b8.2x9.1x1.1x
Price to Earnings Ratio

9.1x


Total Market Cap: R5.9tTotal Earnings: R645.6bTotal 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 Market-1.68%
Energy3.81%
Consumer Discretionary1.18%
Telecom0.96%
Utilities0%0
Financials-1.06%
Consumer Staples-1.40%
Real Estate-1.53%
Industrials-1.81%
Healthcare-3.18%
Tech-3.32%
Materials-4.78%
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 20.0%, which is higher than its past year's earnings growth of 12.9% 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 6.8% 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 SasolR205.6932.5%
+R32.5b		163.9%PE55.1xMaterials
NPN NaspersR979.743.7%
+R26.5b		1.8%PE7.8xConsumer Discretionary
SBK Standard Bank GroupR307.503.0%
+R15.5b		28.3%PB1.7xFinancials
MTN MTN GroupR195.643.2%
+R11.6b		70.2%PE17.7xTelecom
OUT OUTsurance GroupR73.086.2%
+R6.6b		8.7%PE22.6xFinancials
See more

Market Insights

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