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South African (JSE) Market Analysis & Valuation

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies200
  • 7D2.9%
  • 3M-1.9%
  • 1Y38.8%
  • YTD-1.5%

The market has climbed 2.9% in the last 7 days, lead by the Materials sector with a gain of 9.2%. As for the past 12 months, the market is up 39%. 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
Mon, 06 Apr 2026R8.0tR5.5tR620.2b9.3x12.9x1.5x
Wed, 04 Mar 2026R8.3tR5.4tR603.5b9.6x13.8x1.5x
Fri, 30 Jan 2026R8.8tR5.3tR552.4b9.6x15.9x1.7x
Sun, 28 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Tue, 25 Nov 2025R7.8tR5.4tR563.0b9.3x13.8x1.4x
Thu, 23 Oct 2025R7.7tR5.5tR574.8b9.2x13.4x1.4x
Sat, 20 Sep 2025R7.5tR5.5tR572.7b8.9x13.1x1.4x
Mon, 18 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Wed, 16 Jul 2025R6.9tR5.5tR475.0b8.4x14.6x1.3x
Fri, 13 Jun 2025R7.0tR5.5tR435.4b8.7x16x1.3x
Sun, 11 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Tue, 08 Apr 2025R5.9tR5.4tR430.4b8.1x13.8x1.1x
Thu, 06 Mar 2025R6.3tR5.3tR413.6b9x15.3x1.2x
Sat, 01 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Mon, 30 Dec 2024R6.3tR5.3tR366.5b9.9x17.1x1.2x
Wed, 27 Nov 2024R6.3tR5.3tR345.4b9.8x18.2x1.2x
Fri, 25 Oct 2024R6.4tR5.1tR338.8b10.3x18.8x1.2x
Sun, 22 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Tue, 20 Aug 2024R6.2tR5.2tR410.4b9.6x15x1.2x
Thu, 18 Jul 2024R5.8tR5.2tR421.5b9.2x13.9x1.1x
Sat, 15 Jun 2024R5.6tR5.2tR434.4b8.7x12.8x1.1x
Mon, 13 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Wed, 10 Apr 2024R5.6tR5.3tR430.7b8.6x12.9x1x
Fri, 08 Mar 2024R5.5tR5.3tR449.5b8.8x12.2x1x
Sun, 04 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Tue, 02 Jan 2024R5.9tR5.4tR538.9b9.4x10.9x1.1x
Thu, 30 Nov 2023R5.7tR5.4tR542.2b9x10.4x1x
Sat, 28 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Mon, 25 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Wed, 23 Aug 2023R5.7tR5.4tR626.4b8.2x9.1x1.1x
Fri, 21 Jul 2023R6.0tR5.4tR654.3b8.5x9.1x1.1x
Sun, 18 Jun 2023R6.1tR5.4tR637.4b8.4x9.6x1.1x
Tue, 16 May 2023R5.9tR5.4tR668.4b8.2x8.8x1.1x
Thu, 13 Apr 2023R6.1tR5.3tR658.6b8.6x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.1tTotal Earnings: R658.6bTotal 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 Market2.87%
Materials9.25%
Energy5.01%
Healthcare4.22%
Tech1.38%
Consumer Discretionary1.22%
Financials1.15%
Industrials0.46%
Real Estate0.37%
Utilities0%0
Consumer Staples-0.52%
Telecom-1.17%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 5.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 43.7% 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 FieldsR800.5812.5%
+R79.6b		106.6%PE11.8xMaterials
VAL Valterra PlatinumR1.46k11.7%
+R40.0b		153.5%PE24.8xMaterials
IMP Impala Platinum HoldingsR245.3210.2%
+R20.4b		167.7%PE26.8xMaterials
SBK Standard Bank GroupR310.324.2%
+R20.3b		46.1%PB1.8xFinancials
HAR Harmony Gold MiningR273.0711.6%
+R17.8b		8.4%PE10.5xMaterials
See more

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Latest News

GFI
R800.58
Gold Fields
7D
12.5%
1Y
106.6%

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NPN
R870.41
Naspers
7D
1.4%
1Y
-1.4%

NPN: Higher Future P/E Assumptions Will Support A More Constructive Outlook

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SOL
R208.08
Sasol
7D
-4.4%
1Y
249.8%

SOL: Severe EPS Collapse Will Weigh On Long-Term Bio-Circular Surfactant Story

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VOD
R144.11
Vodacom Group
7D
-1.9%
1Y
24.2%

VOD: Neutral UBS Stance Will Support Higher Future Earnings Multiple

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HAR
R273.07
Harmony Gold Mining
7D
11.6%
1Y
8.4%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

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IMP
R245.32
Impala Platinum Holdings
7D
10.2%
1Y
167.7%

IMP: Recent Upgrades Will Test Execution And Profitability Assumptions Going Forward

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FSR
R86.64
FirstRand
7D
-1.3%
1Y
37.7%
SSW
R52.21
Sibanye Stillwater
7D
7.3%
1Y
215.7%

SSW: Higher Earnings Outlook And Execution Risks Will Shape Future Returns

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SBK
R310.32
Standard Bank Group
7D
4.2%
1Y
46.1%
VAL
R1,459.72
Valterra Platinum
7D
11.7%
1Y
153.5%
WBC
R39.43
We Buy Cars Holdings
7D
-7.1%
1Y
6.9%

WBC: Future Earnings Will Stay Solid As Required Return Support Strengthens

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OUT
R71.41
OUTsurance Group
7D
-0.9%
1Y
10.4%

OUT: Rising Profitability And Dividends Will Support A Higher Earnings Profile

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DSY
R246.29
Discovery
7D
-1.7%
1Y
36.0%

DSY: Interim Dividend And Strong Margins Will Support Future Upside

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NPH
R348.08
Northam Platinum Holdings
7D
7.9%
1Y
245.6%

NPH: Upgraded View Will Rely On Higher Margins And Production Delivery

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TKG
R58.46
Telkom SA SOC
7D
-5.7%
1Y
74.3%

TKG: Higher Required Returns And Rich P/E Will Limit Future Upside

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BID
R408.00
Bid
7D
-1.9%
1Y
-5.4%