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South African (JSE) Market Analysis & Valuation

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies203
  • 7D1.5%
  • 3M2.4%
  • 1Y10.5%
  • YTD-1.4%

The market is up 1.5% over the last week, with the Materials sector leading the way, up 12%. In the last year, the market has climbed 11%. Earnings are forecast to grow by 14% annually.

Market Valuation and Performance

Has the South African Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 24 Aug 2026R8.0tR5.6tR629.6b8.5x12.8x1.4x
Wed, 22 Jul 2026R7.6tR5.6tR610.9b8.6x12.5x1.4x
Fri, 19 Jun 2026R8.0tR5.5tR622.3b9.1x12.9x1.4x
Sun, 17 May 2026R7.9tR5.5tR617.2b8.7x12.8x1.4x
Tue, 14 Apr 2026R8.2tR5.5tR614.5b9.2x13.3x1.5x
Thu, 12 Mar 2026R8.1tR5.4tR604.8b9.6x13.5x1.5x
Sat, 07 Feb 2026R8.4tR5.3tR557.6b9.8x15.1x1.6x
Mon, 05 Jan 2026R8.2tR5.4tR559.4b9.6x14.7x1.5x
Wed, 03 Dec 2025R7.8tR5.4tR566.5b9.4x13.8x1.4x
Fri, 31 Oct 2025R7.8tR5.5tR574.8b9.2x13.5x1.4x
Sun, 28 Sep 2025R7.5tR5.5tR569.7b8.8x13.2x1.4x
Tue, 26 Aug 2025R7.4tR5.5tR549.8b9.2x13.4x1.3x
Thu, 24 Jul 2025R7.2tR5.5tR471.8b8.2x15.2x1.3x
Sat, 21 Jun 2025R6.8tR5.5tR440.4b8.4x15.4x1.2x
Mon, 19 May 2025R6.7tR5.3tR419.8b9x15.9x1.2x
Wed, 16 Apr 2025R6.4tR5.4tR427.1b8.3x15.1x1.2x
Fri, 14 Mar 2025R6.3tR5.3tR421.6b8.6x15x1.2x
Sun, 09 Feb 2025R6.4tR5.3tR369.7b9.8x17.2x1.2x
Tue, 07 Jan 2025R6.3tR5.3tR368.3b10.1x17x1.2x
Thu, 05 Dec 2024R6.4tR5.3tR362.9b10.1x17.6x1.2x
Sat, 02 Nov 2024R6.4tR5.3tR335.9b10.4x18.9x1.2x
Mon, 30 Sep 2024R6.4tR5.1tR333.2b10.4x19.4x1.3x
Wed, 28 Aug 2024R6.2tR5.2tR349.6b9.6x17.8x1.2x
Fri, 26 Jul 2024R5.9tR5.2tR418.4b9.3x14.1x1.1x
Sun, 23 Jun 2024R5.9tR5.2tR442.9b9x13.2x1.1x
Tue, 21 May 2024R5.8tR5.3tR431.0b8.7x13.4x1.1x
Thu, 18 Apr 2024R5.3tR5.3tR434.1b8.5x12.2x1x
Sat, 16 Mar 2024R5.4tR5.4tR455.7b8.4x11.8x1x
Mon, 12 Feb 2024R5.5tR5.3tR527.2b9.1x10.4x1x
Wed, 10 Jan 2024R5.7tR5.4tR540.9b9.5x10.5x1x
Fri, 08 Dec 2023R5.6tR5.5tR544.4b9.1x10.3x1x
Sun, 05 Nov 2023R5.5tR5.4tR541.9b8.9x10.2x1x
Tue, 03 Oct 2023R5.3tR5.5tR548.7b9x9.7x1x
Thu, 31 Aug 2023R5.9tR5.4tR581.5b8.7x10.1x1.1x
Price to Earnings Ratio

10.1x


Total Market Cap: R5.9tTotal Earnings: R581.5bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.9x202420252026
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 13.9x.
Past Earnings Growth
  • The earnings for South African listed companies have grown 2.5% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the South African Market?

ZA Market1.47%
Materials11.79%
Energy4.66%
Healthcare1.29%
Utilities0%0
Telecom-1.33%
Consumer Discretionary-1.40%
Industrials-1.67%
Financials-1.86%
Real Estate-2.27%
Tech-2.48%
Consumer Staples-2.86%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 20.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 40.4%, which is higher than its past year's earnings growth of 15.7% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 8.2x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.4% 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
GFI Gold FieldsR759.3517.0%
+R98.5b		40.7%PE11.9xMaterials
HAR Harmony Gold MiningR375.9119.1%
+R37.7b		33.8%PE14.4xMaterials
IMP Impala Platinum HoldingsR237.0012.9%
+R24.3b		45.2%PE25.9xMaterials
VAL Valterra PlatinumR1.49k5.1%
+R19.0b		74.7%PE10.7xMaterials
SSW Sibanye StillwaterR50.1615.3%
+R18.9b		36.5%PS1.1xMaterials
See more

Market Insights

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Latest News

GFI
R759.35
Gold Fields
7D
17.0%
1Y
40.7%
HAR
R375.91
Harmony Gold Mining
7D
19.1%
1Y
33.8%
SSW
R50.16
Sibanye Stillwater
7D
15.3%
1Y
36.5%
Narrative Update • Aug 21

SSW: Future Returns Will Hinge On Organic Projects And Balance Sheet Deleveraging

The analyst price target for Sibanye Stillwater has shifted higher to ZAR49.77 from ZAR47.27, with analysts pointing to the company’s move toward organic growth, continued work on its South African PGM portfolio, and balance sheet deleveraging as key drivers of their updated valuation views. Analyst Commentary Recent research on Sibanye Stillwater points to a mixed but constructive view, with analysts weighing the company’s focus on organic growth and balance sheet deleveraging against project execution risks and commodity exposure.
NED
R303.23
Nedbank Group
7D
2.5%
1Y
30.0%
NPH
R289.62
Northam Platinum Holdings
7D
11.1%
1Y
40.3%
Narrative Update • Aug 19

NPH: Rising Output And Firmer P/E Profile Will Support Bullish Outlook

The analyst price target for Northam Platinum Holdings has been reset from ZAR369.17 to ZAR303.14, with analysts pointing to revised assumptions for revenue growth, profit margins and the future P/E profile to support the new view. What's in the News for Northam Platinum Holdings Northam Platinum Holdings reported production results for the financial year ended 30 June 2026, providing updated operational data to the market.
SBK
R317.50
Standard Bank Group
7D
-0.9%
1Y
24.5%
Narrative Update • Aug 17

SBK: Higher Revenue Outlook And Lower Discount Rate Will Support Upside

Analysts have raised their Standard Bank Group price target from ZAR348.56 to ZAR355.81, reflecting updated assumptions for revenue growth, profit margins, and future P/E multiples within their valuation models. What’s in the News for Standard Bank Group Shareholders of Standard Bank Group approved the appointment of Deloitte as independent external auditor at the AGM held on June 8, 2026.
VAL
R1,494.00
Valterra Platinum
7D
5.1%
1Y
74.7%
VOD
R146.43
Vodacom Group
7D
-2.4%
1Y
0.2%
IMP
R237.00
Impala Platinum Holdings
7D
12.9%
1Y
45.2%
Narrative Update • Aug 12

IMP: Safety Reset And Resilient Margins Will Support Future Share Price

Analysts have trimmed their fair value estimate for Impala Platinum Holdings, with the implied price target moving from about ZAR522.52 to around ZAR456.64. This reflects updated assumptions on revenue growth, profit margins and future P/E multiples.
SHP
R295.75
Shoprite Holdings
7D
-4.5%
1Y
9.1%
INL
R135.55
Investec Group
7D
-6.5%
1Y
1.2%
FSR
R97.87
FirstRand
7D
-1.2%
1Y
25.4%
SOL
R200.00
Sasol
7D
7.3%
1Y
83.7%
Narrative Update • Jul 30

SOL: Higher Margins And Lower Future P/E Will Pressure Returns

Analysts have increased their price target for Sasol by ZAR5 to ZAR160, reflecting updated assumptions that include a slightly lower implied future P/E multiple and a higher expected profit margin, even as projected revenue growth is marked a little lower. What’s in the News for Sasol Public Investment Corporation Limited, a major institutional investor, acquired an additional 5.14% stake in Sasol Limited on July 13, 2026.
DSY
R246.88
Discovery
7D
-4.8%
1Y
13.2%
Narrative Update • Jul 29

DSY: Higher Margin Outlook And Lower Discount Rate Suggest Balanced Future Prospects

The analyst price target for Discovery has been raised from ZAR207.10 to ZAR240.00, with analysts pointing to updated assumptions that include a lower discount rate, a wider profit margin, weaker revenue growth and a slightly higher future P/E multiple. What’s in the News for Discovery No recent Discovery specific press releases or news headlines were provided in the source feed as of 28 July 2026.
CPI
R4,702.58
Capitec
7D
-2.9%
1Y
27.8%
Narrative Update • Jul 27

CPI: Higher Revenue Assumptions And Shareholder Meeting Will Support Bullish Outlook

Analysts have lifted their price target for Capitec Bank Holdings from ZAR5,050.94 to ZAR5,225.14, citing updated assumptions around revenue growth, profit margins and future P/E estimates. What’s in the News for Capitec Bank Holdings Capitec Bank Holdings has a Special or Extraordinary Shareholders Meeting scheduled for July 30, 2026, according to the company’s event calendar.
SLM
R84.65
Sanlam
7D
-2.6%
1Y
-6.7%