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

South African (JSE) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies200
  • 7D2.6%
  • 3M-2.9%
  • 1Y28.1%
  • YTD0.2%

The market has climbed 2.4% in the last 7 days, lead by the Financials sector with a gain of 3.0%. On the other hand, with a decline of 3.5%, the Energy sector is lagging behind. The market is up 34% over the last 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sat, 29 Jul 2023R6.1tR5.3tR627.4b8.5x9.8x1.2x
Mon, 26 Jun 2023R5.8tR5.4tR628.8b8.3x9.2x1.1x
Wed, 24 May 2023R5.8tR5.4tR668.4b8x8.7x1.1x
Fri, 21 Apr 2023R6.2tR5.3tR663.0b8.3x9.3x1.2x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.2tTotal Earnings: R663.0bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.5x202420252026
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 13.5x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.5% 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 Market2.61%
Materials4.04%
Real Estate3.55%
Industrials3.20%
Consumer Discretionary2.84%
Financials2.25%
Telecom1.93%
Tech1.59%
Healthcare1.32%
Utilities0%0
Consumer Staples-0.44%
Energy-1.21%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 6.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 43.3% which is higher than its past year's earnings decline of 2.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 3.6% 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 FieldsR804.804.3%
+R30.0b		76.7%PE12.3xMaterials
VAL Valterra PlatinumR1.52k7.5%
+R27.6b		105.6%PE25.8xMaterials
SBK Standard Bank GroupR326.884.8%
+R24.3b		47.3%PB1.9xFinancials
IMP Impala Platinum HoldingsR251.218.8%
+R18.3b		103.5%PE27.5xMaterials
NPN NaspersR893.502.6%
+R17.5b		-0.5%PE7.2xConsumer Discretionary
See more

Market Insights

Header cover image
Is it time to revisit Cybersecurity and Cloud?
Stella Ong avatar
Stella Ong
In 2021, cybersecurity and cloud stocks could do no wrong. Today, they’re operating in a very different environment where stock selection is more important than ever.
Continue reading
What’s happening with Renewables & EVs?

Latest News

SBK
R326.88
Standard Bank Group
7D
4.8%
1Y
47.3%
AVI
R97.93
AVI
7D
-4.4%
1Y
5.0%

AVI: Slightly Higher P/E Expectations Will Support Stronger Intrinsic Upside

Analysts have trimmed their price target on AVI slightly from ZAR126.50 to ZAR125.75. This reflects updated views on revenue growth, profit margins and the stock's future P/E multiple.
SLM
R87.40
Sanlam
7D
-1.8%
1Y
8.7%
IMP
R251.21
Impala Platinum Holdings
7D
8.8%
1Y
103.5%
ABG
R249.08
Absa Group
7D
4.8%
1Y
44.8%

ABG: Dividend Outlook And Digital Payments Expansion Will Shape Future Returns

Analysts have slightly raised their Absa Group price target to about ZAR273.25 from ZAR271.91, reflecting updated inputs on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Absa Group declared a final ordinary dividend of ZAR8.50 per share for the financial period ended 31 December 2025, with the last day to trade cum dividend on 21 April 2026 and payment scheduled for 28 April 2026 (company announcement).
KIO
R318.00
Kumba Iron Ore
7D
-1.3%
1Y
2.6%

KIO: Future Returns Will Rely On Dividends And Rail Capacity Delivery

Analysts have trimmed their price target for Kumba Iron Ore slightly, with fair value moving from about ZAR313.14 to around ZAR310.29 as they factor in updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Kumba Iron Ore approved a gross final cash dividend of ZAR15.43 per share for the year ended 31 December 2025, with a net dividend of ZAR12.34 per share after 20% withholding tax for non exempt shareholders, payable on 16 March 2026 (Key Developments).
OMU
R13.65
Old Mutual
7D
-2.0%
1Y
29.9%
MTN
R201.50
MTN Group
7D
3.3%
1Y
82.6%
SOL
R214.63
Sasol
7D
-5.4%
1Y
232.4%
VAL
R1,518.20
Valterra Platinum
7D
7.5%
1Y
105.6%

VAL: Dividend Windfall And Higher EPS Will Support Future Returns

Analysts have revised their ZAR price target on Valterra Platinum to ZAR2,160, reflecting updated views on revenue growth, profit margins and the appropriate P/E multiple following recent Street research. Analyst Commentary Bullish analysts point to the revised ZAR2,160 price target as a key marker of confidence in Valterra Platinum's ability to align revenue trends, profit margins and its P/E multiple with updated Street expectations.
GFI
R804.80
Gold Fields
7D
4.3%
1Y
76.7%

Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings

Apr 07
Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings
DCP
R36.89
Dis-Chem Pharmacies
7D
-2.7%
1Y
19.4%

Here's Why We Think Dis-Chem Pharmacies (JSE:DCP) Is Well Worth Watching

Apr 07
Here's Why We Think Dis-Chem Pharmacies (JSE:DCP) Is Well Worth Watching
NED
R269.63
Nedbank Group
7D
-0.9%
1Y
9.4%

NED: Neutral Stance And Earnings Guidance Compression Will Shape A More Cautious Outlook

Analysts have adjusted their fair value estimate for Nedbank Group to ZAR275.00 from ZAR259.94, reflecting updated views on long term growth, profitability and a higher forward P/E. This change is framed by recently mixed research that includes a Neutral reinstatement and a downgrade.
NPN
R893.50
Naspers
7D
2.6%
1Y
-0.5%

NPN: Higher Future P/E Assumptions Will Support A More Constructive Outlook

Naspers' updated analyst price target has shifted from ZAR1,752.32 to ZAR1,875.55, with analysts pointing to recalibrated assumptions around discount rates, revenue growth, profit margins and future P/E as key drivers behind the change. Analyst Commentary Recent research highlights a more constructive tone around Naspers, with bullish analysts reassessing key inputs such as discount rates, revenue growth, profit margins and future P/E assumptions.
INL
R137.98
Investec Group
7D
6.1%
1Y
21.8%
BOX
R71.26
Boxer Retail
7D
-2.7%
1Y
6.8%