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South African (JSE) Capital Markets Industry Analysis

UpdatedSep 10, 2026
DataAggregated Company Financials
Companies16
  • 7D0.6%
  • 3M1.6%
  • 1Y8.1%
  • YTD7.3%

The Capital Markets industry has stayed flat over the last week. As for the the longer term, the industry is up 8.1% over the past 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 10 Sep 2026R221.1bR76.4bR23.4b8.8x9.4x2.9x
Sat, 08 Aug 2026R225.0bR76.5bR23.5b9x9.6x2.9x
Mon, 06 Jul 2026R208.9bR76.0bR23.3b8.6x9x2.7x
Wed, 03 Jun 2026R214.4bR73.0bR22.3b8.7x9.6x2.9x
Fri, 01 May 2026R213.6bR73.1bR22.3b9.4x9.6x2.9x
Sun, 29 Mar 2026R202.3bR72.3bR21.9b10.4x9.3x2.8x
Tue, 24 Feb 2026R218.4bR70.1bR21.4b11.8x10.2x3.1x
Thu, 22 Jan 2026R208.0bR70.8bR24.3b9.5x8.6x2.9x
Sat, 20 Dec 2025R198.6bR71.9bR24.6b9.1x8.1x2.8x
Mon, 17 Nov 2025R208.9bR71.8bR25.3b8.5x8.3x2.9x
Wed, 15 Oct 2025R204.2bR72.5bR25.8b7.9x7.9x2.8x
Fri, 12 Sep 2025R203.6bR73.0bR23.2b7.8x8.8x2.8x
Sun, 10 Aug 2025R198.8bR73.5bR23.4b7.5x8.5x2.7x
Tue, 08 Jul 2025R198.9bR74.2bR24.1b7.4x8.2x2.7x
Thu, 05 Jun 2025R195.8bR73.8bR22.2b7x8.8x2.7x
Sat, 03 May 2025R200.7bR76.0bR24.7b6.8x8.1x2.6x
Mon, 31 Mar 2025R194.0bR74.3bR23.7b6.9x8.2x2.6x
Wed, 26 Feb 2025R196.1bR72.7bR22.5b7.5x8.7x2.7x
Fri, 24 Jan 2025R201.0bR71.8bR22.2b9.8x9.1x2.8x
Sun, 22 Dec 2024R205.8bR72.2bR19.9b11.1x10.3x2.8x
Tue, 19 Nov 2024R211.2bR70.4bR18.5b10.5x11.4x3x
Thu, 17 Oct 2024R208.4bR69.0bR17.7b11x11.8x3x
Sat, 14 Sep 2024R195.0bR70.0bR18.3b11x10.6x2.8x
Mon, 12 Aug 2024R197.8bR70.2bR19.1b9.9x10.4x2.8x
Wed, 10 Jul 2024R189.9bR69.9bR19.7b10.1x9.6x2.7x
Fri, 07 Jun 2024R177.3bR71.3bR20.6b9.2x8.6x2.5x
Sun, 05 May 2024R173.8bR77.4bR19.9b10.1x8.8x2.2x
Tue, 02 Apr 2024R176.3bR78.3bR19.0b9.7x9.3x2.3x
Thu, 29 Feb 2024R172.1bR79.1bR15.8b10.7x10.9x2.2x
Sat, 27 Jan 2024R180.8bR81.8bR15.9b10.2x11.4x2.2x
Mon, 25 Dec 2023R183.1bR81.1bR15.6b10x11.7x2.3x
Wed, 22 Nov 2023R177.9bR81.9bR14.5b10.5x12.3x2.2x
Fri, 20 Oct 2023R167.5bR79.9bR17.8b10x9.4x2.1x
Sun, 17 Sep 2023R169.9bR80.3bR18.0b10.4x9.5x2.1x
Price to Earnings Ratio

9.5x


Total Market Cap: R169.9bTotal Earnings: R18.0bTotal Revenue: R80.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Capital Markets Industry Price to Earnings3Y Average 9.4x202420252026
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 industry is trading close to its 3-year average PS ratio of 2.7x.
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-0.011%
Financials-0.56%
Capital Markets0.57%
Diversified Capital Markets0.85%
Asset Management0.28%
Investment Banking and Brokerage0%0
Financial Exchanges and Data-0.13%
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 7.6x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 13% over the next 5 years.
  • This is better than its past earnings growth rate of 5.2% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 3.4% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
KST PSG Financial ServicesR32.622.7%
+R1.1b		43.6%PE23.4x
INL Investec GroupR141.300.9%
+R1.0b		4.1%PE8.3x
BAT BraitR1.910.5%
+R55.2m		-9.5%PE8x
AFH Alexander Forbes Group HoldingsR6.900.3%
+R25.5m		-10.4%PE11.8x

Latest News

JSE
R154.00
JSE
7D
-0.1%
1Y
19.4%
Narrative Update • Sep 08

JSE: Share Buybacks Will Support Richer Margins And Future Upside

Analysts have raised the JSE price target from ZAR177.50 to ZAR192.00, reflecting slightly higher assumed profit margins, a modestly richer future P/E, and a small adjustment to the discount rate and revenue growth assumptions. What’s in the News for JSE JSE Limited has an active share repurchase program that commenced on June 5, 2026, following shareholder approval at the Annual General Meeting held on May 13, 2026.
VUN
R1.91
Vunani
7D
-13.6%
1Y
-4.5%
ZED
R1.02
Zeder Investments
7D
-1.0%
1Y
-23.3%
BAC
R6.50
Africa Bitcoin
7D
-18.8%
1Y
4.8%
PPE
R1.95
Purple Group
7D
-1.5%
1Y
16.1%
KST
R32.62
PSG Financial Services
7D
2.7%
1Y
43.6%
Analysis Article • Aug 15

Here's Why We Think PSG Financial Services (JSE:KST) Is Well Worth Watching

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
BAT
R1.91
Brait
7D
0.5%
1Y
-9.5%
INL
R141.30
Investec Group
7D
0.9%
1Y
4.1%
AFH
R6.90
Alexander Forbes Group Holdings
7D
0.3%
1Y
-10.4%
YYLBEE
R55.00
YeboYethu (RF)
7D
-10.8%
1Y
46.5%
SYG
R30.11
Sygnia
7D
-1.3%
1Y
-5.9%
CML
R42.99
Coronation Fund Managers
7D
-2.6%
1Y
-4.7%