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South African (JSE) Market Analysis & Valuation

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies201
  • 7D-4.7%
  • 3M-5.3%
  • 1Y21.1%
  • YTD-5.1%

Over the last 7 days, the market has dropped 4.5%, driven by a pullback of 11% in the Materials sector. Meanwhile, the Energy sector has outperformed, gaining 6.1% in that time. In contrast to the last week, the market is actually up 21% 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
Tue, 24 Mar 2026R7.7tR5.5tR627.5b9.1x12.3x1.4x
Thu, 19 Feb 2026R8.6tR5.3tR557.8b9.7x15.4x1.6x
Sat, 17 Jan 2026R8.4tR5.3tR558.6b9.6x15.1x1.6x
Mon, 15 Dec 2025R8.0tR5.4tR563.2b9.3x14.1x1.5x
Wed, 12 Nov 2025R7.8tR5.5tR572.2b9.4x13.7x1.4x
Fri, 10 Oct 2025R7.8tR5.5tR572.1b9x13.6x1.4x
Sun, 07 Sep 2025R7.2tR5.5tR566.9b8.9x12.8x1.3x
Tue, 05 Aug 2025R7.1tR5.5tR469.7b8.4x15.2x1.3x
Thu, 03 Jul 2025R7.0tR5.5tR472.3b8.5x14.7x1.3x
Sat, 31 May 2025R6.8tR5.3tR428.8b8.5x15.8x1.3x
Mon, 28 Apr 2025R6.5tR5.4tR426.1b8.6x15.3x1.2x
Wed, 26 Mar 2025R6.5tR5.3tR421.7b8.6x15.5x1.2x
Fri, 21 Feb 2025R6.4tR5.3tR359.9b9.4x17.9x1.2x
Sun, 19 Jan 2025R6.2tR5.3tR369.0b9.7x16.9x1.2x
Tue, 17 Dec 2024R6.5tR5.3tR361.5b10.2x17.9x1.2x
Thu, 14 Nov 2024R6.2tR5.3tR342.5b10.1x18.2x1.2x
Sat, 12 Oct 2024R6.3tR5.1tR336.3b10.4x18.9x1.2x
Mon, 09 Sep 2024R6.0tR5.2tR347.7b9.8x17.2x1.1x
Wed, 07 Aug 2024R5.8tR5.2tR418.6b9.4x13.9x1.1x
Fri, 05 Jul 2024R5.9tR5.2tR421.8b9.4x14.1x1.1x
Sun, 02 Jun 2024R5.5tR5.2tR433.6b8.7x12.6x1x
Tue, 30 Apr 2024R5.5tR5.3tR433.5b8.4x12.7x1x
Thu, 28 Mar 2024R5.4tR5.4tR432.2b8.7x12.6x1x
Sat, 24 Feb 2024R5.5tR5.3tR522.1b9.1x10.6x1x
Mon, 22 Jan 2024R5.6tR5.5tR543.5b9.3x10.2x1x
Wed, 20 Dec 2023R5.7tR5.4tR538.8b9.2x10.6x1.1x
Fri, 17 Nov 2023R5.7tR5.5tR534.5b9.1x10.6x1x
Sun, 15 Oct 2023R5.5tR5.4tR547.3b9x10x1x
Tue, 12 Sep 2023R5.7tR5.5tR558.1b8.8x10.3x1.1x
Thu, 10 Aug 2023R6.0tR5.4tR631.7b8.5x9.4x1.1x
Sat, 08 Jul 2023R5.8tR5.4tR660.5b8.5x8.7x1.1x
Mon, 05 Jun 2023R5.8tR5.4tR656.7b8.3x8.9x1.1x
Wed, 03 May 2023R6.0tR5.3tR669.6b8.2x9x1.1x
Fri, 31 Mar 2023R6.0tR5.3tR647.3b8.3x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.0tTotal Earnings: R647.3bTotal 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-4.70%
Energy2.44%
Utilities0%0
Real Estate-0.36%
Consumer Staples-0.52%
Industrials-1.46%
Tech-1.66%
Financials-1.70%
Healthcare-2.45%
Telecom-2.87%
Consumer Discretionary-6.75%
Materials-10.76%
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 11.6%, 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 6.4% 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 SasolR208.456.8%
+R8.5b		181.6%PE55.8xMaterials
BOX Boxer RetailR78.7510.2%
+R3.3b		10.1%PE25.6xConsumer Staples
ABG Absa GroupR234.521.7%
+R3.2b		28.2%PB1.1xFinancials
DSY DiscoveryR249.131.3%
+R2.1b		25.2%PE15.8xFinancials
KST PSG Financial ServicesR26.623.1%
+R983.4m		51.0%PE23xFinancials
See more

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