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South African (JSE) Capital Markets Industry Analysis
UpdatedApr 14, 2026
DataAggregated Company Financials
Companies16
- 7D5.1%
- 3M5.0%
- 1Y26.7%
- YTD5.5%
The Capital Markets industry is up 4.9% in the last week, with Investec Group up 6.0%. Meanwhile, YeboYethu (RF) actually underperformed within the industry, shrinking 6.6% in the last week. This means that the industry has gained 32% over the past year. Looking forward, earnings are forecast to grow by 8.1% annually.
Industry Valuation and Performance
Has the South African Capital Markets Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 14 Apr 2026 | R214.6b | R71.1b | R21.5b | 10.6x | 10x | 3x |
| Thu, 12 Mar 2026 | R207.4b | R71.4b | R21.8b | 10.6x | 9.5x | 2.9x |
| Sat, 07 Feb 2026 | R213.9b | R70.7b | R24.2b | 9.9x | 8.8x | 3x |
| Mon, 05 Jan 2026 | R205.2b | R71.5b | R24.5b | 9.3x | 8.4x | 2.9x |
| Wed, 03 Dec 2025 | R197.6b | R72.3b | R24.7b | 9x | 8x | 2.7x |
| Fri, 31 Oct 2025 | R206.0b | R72.3b | R25.6b | 8.8x | 8.1x | 2.8x |
| Sun, 28 Sep 2025 | R197.5b | R72.7b | R25.8b | 7.9x | 7.7x | 2.7x |
| Tue, 26 Aug 2025 | R202.7b | R73.3b | R23.3b | 7.6x | 8.7x | 2.8x |
| Thu, 24 Jul 2025 | R199.6b | R73.2b | R23.8b | 7.2x | 8.4x | 2.7x |
| Sat, 21 Jun 2025 | R191.4b | R74.0b | R24.1b | 7.1x | 7.9x | 2.6x |
| Mon, 19 May 2025 | R205.0b | R75.2b | R24.5b | 7x | 8.4x | 2.7x |
| Wed, 16 Apr 2025 | R190.3b | R77.0b | R25.2b | 6.4x | 7.6x | 2.5x |
| Fri, 14 Mar 2025 | R194.6b | R73.9b | R23.0b | 7x | 8.4x | 2.6x |
| Sun, 09 Feb 2025 | R195.8b | R71.8b | R22.2b | 9.8x | 8.8x | 2.7x |
| Tue, 07 Jan 2025 | R207.2b | R72.6b | R22.4b | 9.6x | 9.2x | 2.9x |
| Thu, 05 Dec 2024 | R204.9b | R71.8b | R19.8b | 11.6x | 10.3x | 2.9x |
| Sat, 02 Nov 2024 | R208.5b | R69.4b | R17.8b | 10.6x | 11.7x | 3x |
| Mon, 30 Sep 2024 | R202.3b | R68.9b | R17.8b | 11.8x | 11.4x | 2.9x |
| Wed, 28 Aug 2024 | R197.3b | R70.4b | R19.1b | 10.7x | 10.3x | 2.8x |
| Fri, 26 Jul 2024 | R188.6b | R70.6b | R20.0b | 10.1x | 9.4x | 2.7x |
| Sun, 23 Jun 2024 | R188.2b | R68.7b | R19.6b | 9.8x | 9.6x | 2.7x |
| Tue, 21 May 2024 | R179.6b | R77.1b | R19.8b | 10x | 9.1x | 2.3x |
| Thu, 18 Apr 2024 | R166.3b | R78.1b | R19.0b | 9.7x | 8.8x | 2.1x |
| Sat, 16 Mar 2024 | R170.8b | R78.5b | R19.1b | 9.5x | 9x | 2.2x |
| Mon, 12 Feb 2024 | R173.6b | R78.2b | R15.6b | 10.8x | 11.1x | 2.2x |
| Wed, 10 Jan 2024 | R182.3b | R81.5b | R15.8b | 10.1x | 11.6x | 2.2x |
| Fri, 08 Dec 2023 | R173.9b | R83.0b | R16.6b | 10.1x | 10.5x | 2.1x |
| Sun, 05 Nov 2023 | R168.0b | R78.3b | R17.0b | 10.7x | 9.9x | 2.1x |
| Tue, 03 Oct 2023 | R170.2b | R79.8b | R17.7b | 10x | 9.6x | 2.1x |
| Thu, 31 Aug 2023 | R164.9b | R78.6b | R16.4b | 10.4x | 10.1x | 2.1x |
| Sat, 29 Jul 2023 | R165.3b | R76.6b | R15.7b | 12.3x | 10.5x | 2.2x |
| Mon, 26 Jun 2023 | R150.0b | R79.2b | R16.6b | 12.1x | 9x | 1.9x |
| Wed, 24 May 2023 | R153.6b | R79.2b | R18.8b | 9.9x | 8.2x | 1.9x |
| Fri, 21 Apr 2023 | R151.6b | R73.6b | R16.4b | 9.4x | 9.2x | 2.1x |
Price to Earnings Ratio
9.2x
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 9.4x.
- The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have grown 9.2% 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 Market | 2.61% | |
| Financials | 2.25% | |
| Capital Markets | 5.06% | |
| Diversified Capital Markets | 6.18% | |
| Asset Management | 4.03% | |
| Financial Exchanges and Data | 2.04% | |
Industry PE
- Investors are most optimistic about the Asset Management industry which is trading above its 3-year average PE ratio.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Diversified Capital Markets industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.2x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 8.5% 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 4.8% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| INL Investec Group | R137.98 | 6.1% +R6.7b | 21.8% | PE8.2x | |
| KST PSG Financial Services | R28.49 | 4.2% +R1.4b | 54.8% | PE24.6x | |
| AFH Alexander Forbes Group Holdings | R7.44 | 8.5% +R738.1m | 3.6% | PE13.6x | |
| CML Coronation Fund Managers | R45.60 | 4.3% +R720.1m | 25.1% | PE10.6x | |
| JSE JSE | R166.98 | 2.0% +R270.5m | 35.1% | PE12.6x |