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South African (JSE) Market Analysis & Valuation

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies201
  • 7D1.0%
  • 3M-4.4%
  • 1Y22.5%
  • YTD-4.1%

Over the last 7 days, the market has risen 1.0%, driven by gains of 5.8% in the Materials sector. Meanwhile, the Consumer Discretionary sector has underperformed, shrinking 3.1% in that time. In the last year, the market has climbed 22%. Looking forward, earnings are forecast to grow by 16% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026R7.8tR5.5tR622.6b9.3x12.6x1.4x
Thu, 26 Feb 2026R8.8tR5.3tR578.7b9.8x15.2x1.6x
Sat, 24 Jan 2026R8.6tR5.3tR556.6b9.7x15.5x1.6x
Mon, 22 Dec 2025R8.1tR5.4tR562.3b9.3x14.4x1.5x
Wed, 19 Nov 2025R7.8tR5.5tR570.9b9.4x13.6x1.4x
Fri, 17 Oct 2025R8.0tR5.5tR573.6b9.4x13.9x1.4x
Sun, 14 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Tue, 12 Aug 2025R7.2tR5.5tR465.2b8.6x15.5x1.3x
Thu, 10 Jul 2025R7.0tR5.5tR474.2b8.6x14.8x1.3x
Sat, 07 Jun 2025R6.9tR5.4tR431.9b8.6x15.9x1.3x
Mon, 05 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Wed, 02 Apr 2025R6.5tR5.3tR422.9b8.6x15.5x1.2x
Fri, 28 Feb 2025R6.4tR5.3tR412.4b9.1x15.4x1.2x
Sun, 26 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Tue, 24 Dec 2024R6.3tR5.3tR365.6b10.1x17.2x1.2x
Thu, 21 Nov 2024R6.3tR5.3tR344.2b10.1x18.4x1.2x
Sat, 19 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Mon, 16 Sep 2024R6.0tR5.2tR332.5b9.7x18.1x1.2x
Wed, 14 Aug 2024R5.9tR5.2tR415.5b9.4x14.2x1.1x
Fri, 12 Jul 2024R5.9tR5.1tR458.1b9.2x12.8x1.1x
Sun, 09 Jun 2024R5.5tR5.3tR437.3b8.7x12.5x1x
Tue, 07 May 2024R5.6tR5.3tR432.4b8.6x12.8x1x
Thu, 04 Apr 2024R5.4tR5.3tR432.6b8.6x12.5x1x
Sat, 02 Mar 2024R5.4tR5.3tR508.6b8.9x10.7x1x
Mon, 29 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Wed, 27 Dec 2023R5.7tR5.4tR539.7b9.3x10.6x1.1x
Fri, 24 Nov 2023R5.7tR5.4tR540.4b9.1x10.5x1x
Sun, 22 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Tue, 19 Sep 2023R5.6tR5.5tR556.8b9x10x1x
Thu, 17 Aug 2023R5.8tR5.4tR634.6b8.4x9.2x1.1x
Sat, 15 Jul 2023R6.0tR5.4tR656.0b8.5x9.1x1.1x
Mon, 12 Jun 2023R7.5tR5.4tR654.7b8.3x11.4x1.4x
Wed, 10 May 2023R6.0tR5.4tR670.3b7.9x9x1.1x
Fri, 07 Apr 2023R6.1tR5.2tR649.0b8.6x9.4x1.2x
Price to Earnings Ratio

9.4x


Total Market Cap: R6.1tTotal Earnings: R649.0bTotal Revenue: R5.2tTotal 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 Market1.03%
Materials5.81%
Energy4.41%
Healthcare1.13%
Consumer Staples1.05%
Industrials0.74%
Tech0.35%
Telecom0.0065%
Utilities0%0
Financials-0.27%
Real Estate-0.72%
Consumer Discretionary-3.14%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 4.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 45.0% which is higher than its past year's earnings decline of 2.1% 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 Consumer Discretionary sector is expected to see its earnings grow by 3.9% 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
GFI Gold FieldsR737.789.1%
+R55.0b		82.0%PE10.8xMaterials
VAL Valterra PlatinumR1.37k3.4%
+R11.7b		86.5%PE23.3xMaterials
SOL SasolR224.737.8%
+R10.5b		193.8%PE60.2xMaterials
IMP Impala Platinum HoldingsR235.104.0%
+R8.2b		86.7%PE25.7xMaterials
NPH Northam Platinum HoldingsR336.376.2%
+R7.8b		156.9%PE14.4xMaterials
See more

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