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South African (JSE) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies201
  • 7D3.4%
  • 3M15.4%
  • 1Y43.5%
  • YTD9.4%

Over the last 7 days, the market has risen 3.4%, driven by gains of 10% in the Materials sector. In the last year, the market has climbed 43%. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026R8.9tR5.4tR597.5b9.7x14.9x1.7x
Fri, 30 Jan 2026R8.8tR5.3tR552.4b9.6x15.9x1.7x
Sun, 28 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Tue, 25 Nov 2025R7.8tR5.4tR563.0b9.3x13.8x1.4x
Thu, 23 Oct 2025R7.7tR5.5tR574.8b9.2x13.4x1.4x
Sat, 20 Sep 2025R7.5tR5.5tR572.7b8.9x13.1x1.4x
Mon, 18 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Wed, 16 Jul 2025R6.9tR5.5tR475.0b8.4x14.6x1.3x
Fri, 13 Jun 2025R7.0tR5.5tR435.4b8.7x16x1.3x
Sun, 11 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Tue, 08 Apr 2025R5.9tR5.4tR430.4b8.1x13.8x1.1x
Thu, 06 Mar 2025R6.3tR5.3tR413.6b9x15.3x1.2x
Sat, 01 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Mon, 30 Dec 2024R6.3tR5.3tR366.5b9.9x17.1x1.2x
Wed, 27 Nov 2024R6.3tR5.3tR345.4b9.8x18.2x1.2x
Fri, 25 Oct 2024R6.4tR5.1tR338.8b10.3x18.8x1.2x
Sun, 22 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Tue, 20 Aug 2024R6.2tR5.2tR410.4b9.6x15x1.2x
Thu, 18 Jul 2024R5.8tR5.2tR421.5b9.2x13.9x1.1x
Sat, 15 Jun 2024R5.6tR5.2tR434.4b8.7x12.8x1.1x
Mon, 13 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Wed, 10 Apr 2024R5.6tR5.3tR430.7b8.6x12.9x1x
Fri, 08 Mar 2024R5.5tR5.3tR449.5b8.8x12.2x1x
Sun, 04 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Tue, 02 Jan 2024R5.9tR5.4tR538.9b9.4x10.9x1.1x
Thu, 30 Nov 2023R5.7tR5.4tR542.2b9x10.4x1x
Sat, 28 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Mon, 25 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Wed, 23 Aug 2023R5.7tR5.4tR626.4b8.2x9.1x1.1x
Fri, 21 Jul 2023R6.0tR5.4tR654.3b8.5x9.1x1.1x
Sun, 18 Jun 2023R6.1tR5.4tR637.4b8.4x9.6x1.1x
Tue, 16 May 2023R5.9tR5.4tR668.4b8.2x8.8x1.1x
Thu, 13 Apr 2023R6.1tR5.3tR658.6b8.6x9.3x1.1x
Sat, 11 Mar 2023R6.1tR5.3tR648.1b8.5x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.1tTotal Earnings: R648.1bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.3x202420252026
Current Market PE
  • Investors are optimistic on the South African market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.9x which is higher than its 3-year average PE of 13.3x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.7% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

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

ZA Market3.39%
Materials10.46%
Healthcare6.04%
Telecom3.86%
Industrials2.14%
Energy2.09%
Financials1.31%
Tech1.19%
Real Estate0.12%
Utilities0%0
Consumer Discretionary-1.19%
Consumer Staples-2.52%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.7%, which is higher than its past year's earnings growth of 6.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% 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 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?

CompanyLast Price7D1YValuationSector
DSY DiscoveryR259.246.1%
+R9.9b		24.1%PE18.5xFinancials
MTN MTN GroupR200.481.3%
+R4.7b		73.6%PE48.6xTelecom
TGA Thungela ResourcesR140.3227.6%
+R3.9b		24.3%PE7.1xEnergy
NED Nedbank GroupR298.332.5%
+R3.4b		2.5%PB1.2xFinancials
EXX Exxaro ResourcesR205.126.0%
+R2.8b		32.0%PE6xEnergy
See more

Market Insights

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In many ways, the market is upside down. This new setting might offer some unexpected opportunities for investors.
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