Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Capital Markets Industry Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies17
  • 7D2.5%
  • 3M3.1%
  • 1Y16.0%
  • YTD2.0%

Over the last 7 days, the Capital Markets industry has remained flat, although notably Investec Group gained 3.7%. The past year has been better, since the industry has gained 14% in that time. Looking forward, earnings are forecast to grow by 7.0% annually.

Industry Valuation and Performance

Has the South African Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026R208.4bR70.9bR24.3b9.5x8.6x2.9x
Sun, 14 Dec 2025R194.1bR72.3bR24.7b8.9x7.8x2.7x
Tue, 11 Nov 2025R206.6bR72.0bR25.5b9.2x8.1x2.9x
Thu, 09 Oct 2025R199.6bR72.2bR25.6b8.5x7.8x2.8x
Sat, 06 Sep 2025R196.4bR73.3bR23.3b7.5x8.4x2.7x
Mon, 04 Aug 2025R200.0bR73.5bR23.9b7.2x8.4x2.7x
Wed, 02 Jul 2025R206.2bR74.2bR24.1b7.7x8.5x2.8x
Fri, 30 May 2025R211.5bR76.1bR24.5b6.9x8.6x2.8x
Sun, 27 Apr 2025R193.3bR76.8bR25.1b6.5x7.7x2.5x
Tue, 25 Mar 2025R193.3bR73.7bR23.0b6.9x8.4x2.6x
Thu, 20 Feb 2025R201.0bR72.5bR22.4b9.8x9x2.8x
Sat, 18 Jan 2025R202.6bR71.7bR22.1b9.7x9.1x2.8x
Mon, 16 Dec 2024R203.4bR71.3bR19.6b11.3x10.4x2.9x
Wed, 13 Nov 2024R212.9bR69.9bR17.9b10.4x11.9x3x
Fri, 11 Oct 2024R202.0bR68.9bR17.8b11.9x11.4x2.9x
Sun, 08 Sep 2024R194.7bR70.3bR18.7b11.1x10.4x2.8x
Tue, 06 Aug 2024R184.9bR70.7bR20.0b9.7x9.2x2.6x
Thu, 04 Jul 2024R189.8bR70.3bR19.9b10.1x9.6x2.7x
Sat, 01 Jun 2024R176.6bR70.8bR20.4b9.3x8.7x2.5x
Mon, 29 Apr 2024R169.8bR78.0bR20.0b10.2x8.5x2.2x
Wed, 27 Mar 2024R174.9bR78.7bR19.1b9.5x9.1x2.2x
Fri, 23 Feb 2024R178.3bR78.7bR15.7b10.9x11.3x2.3x
Sun, 21 Jan 2024R179.1bR82.5bR16.0b10.2x11.2x2.2x
Tue, 19 Dec 2023R179.4bR81.1bR15.6b10x11.5x2.2x
Thu, 16 Nov 2023R179.4bR78.4bR17.0b10.3x10.5x2.3x
Sat, 14 Oct 2023R169.8bR79.7bR17.7b10.1x9.6x2.1x
Mon, 11 Sep 2023R164.7bR79.0bR16.3b10.4x10.1x2.1x
Wed, 09 Aug 2023R167.4bR79.9bR16.9b12.4x9.9x2.1x
Fri, 07 Jul 2023R154.9bR80.2bR17.0b11.3x9.1x1.9x
Sun, 04 Jun 2023R155.9bR80.1bR18.5b15.8x8.4x1.9x
Tue, 02 May 2023R153.0bR74.8bR16.8b9.9x9.1x2x
Thu, 30 Mar 2023R151.3bR73.0bR18.9b9.9x8x2.1x
Sat, 25 Feb 2023R176.2bR74.7bR20.6b9.1x8.5x2.4x
Mon, 23 Jan 2023R172.3bR73.1bR20.1b9.4x8.6x2.4x
Price to Earnings Ratio

8.6x


Total Market Cap: R172.3bTotal Earnings: R20.1bTotal Revenue: R73.1bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Capital Markets Industry Price to Earnings3Y Average 9.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the South African Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 9.3x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 6.7% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the South African Financials industry?

ZA Market2.59%
Financials-0.49%
Capital Markets2.49%
Diversified Capital Markets3.69%
Asset Management1.30%
Financial Exchanges and Data0.36%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry, which is trading close to its 3-year average PE ratio of 11.0x.
    • Analysts are expecting annual earnings growth of 5.5%, which is lower than the prior year's growth of 18.3% per year.
  • Investors are most pessimistic about the Diversified Capital Markets industry, which is trading close to its 3-year average of 7.1x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 7.2% over the next 5 years.
  • This is better than its past earnings growth rate of 1.9% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 5.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
INL Investec GroupR129.043.7%
+R3.9b		6.3%PE7.8x
AFH Alexander Forbes Group HoldingsR8.154.0%
+R394.5m		1.5%PE14.9x
BAT BraitR2.334.5%
+R386.3m		17.7%PS19.1x
CML Coronation Fund ManagersR48.271.6%
+R294.2m		29.5%PE11.3x
PPE Purple GroupR2.515.9%
+R199.0m		136.8%PE58.5x

Latest News

BAT
R2.33
Brait
7D
4.5%
1Y
17.7%
RHB
R1.89
RH Bophelo
7D
-5.5%
1Y
-5.5%
AFH
R8.15
Alexander Forbes Group Holdings
7D
4.0%
1Y
1.5%
PPE
R2.51
Purple Group
7D
5.9%
1Y
136.8%

We Ran A Stock Scan For Earnings Growth And Purple Group (JSE:PPE) Passed With Ease

Dec 30
We Ran A Stock Scan For Earnings Growth And Purple Group (JSE:PPE) Passed With Ease
SYG
R33.80
Sygnia
7D
1.5%
1Y
53.6%
CML
R48.27
Coronation Fund Managers
7D
1.6%
1Y
29.5%
INL
R129.04
Investec Group
7D
3.7%
1Y
6.3%
YYLBEE
R51.00
YeboYethu (RF)
7D
4.0%
1Y
131.8%
MHB
R6.00
Mahube Infrastructure
7D
-0.2%
1Y
33.3%
KST
R26.73
PSG Financial Services
7D
-1.0%
1Y
39.6%
JSE
R145.15
JSE
7D
0.4%
1Y
25.0%

Digital Infrastructure Upgrades And African Market Expansion Will Boost Efficiency

The consensus price target for JSE saw a slight upward revision as analysts raised their revenue growth forecasts, while profit margin expectations remained stable, resulting in a new fair value of ZAR154.50. Valuation Changes Summary of Valuation Changes for JSE The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from ZAR152.60 to ZAR154.50.
ZED
R1.30
Zeder Investments
7D
-0.8%
1Y
-13.3%