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South African (JSE) Market Analysis & Valuation

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies202
  • 7D1.2%
  • 3M-10.0%
  • 1Y18.1%
  • YTD-2.6%

The market is up 1.2% over the last week, with the Materials sector leading the way, up 2.5%. In contrast, the Consumer Staples sector is lagging, dropping 3.8%. As for the past 12 months, the market is up 18%. 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, 02 Jun 2026R7.9tR5.5tR616.7b8.7x12.9x1.4x
Thu, 30 Apr 2026R7.9tR5.5tR621.1b9.1x12.7x1.4x
Sat, 28 Mar 2026R7.8tR5.5tR631.9b9.3x12.4x1.4x
Mon, 23 Feb 2026R8.6tR5.3tR585.7b9.7x14.7x1.6x
Wed, 21 Jan 2026R8.4tR5.3tR558.7b9.7x15.1x1.6x
Fri, 19 Dec 2025R8.1tR5.4tR561.9b9.4x14.4x1.5x
Sun, 16 Nov 2025R7.9tR5.5tR570.7b9.6x13.8x1.4x
Tue, 14 Oct 2025R7.8tR5.5tR573.2b9.2x13.7x1.4x
Thu, 11 Sep 2025R7.3tR5.5tR567.2b8.8x12.9x1.3x
Sat, 09 Aug 2025R7.2tR5.5tR465.6b8.8x15.5x1.3x
Mon, 07 Jul 2025R7.0tR5.5tR472.5b8.5x14.8x1.3x
Wed, 04 Jun 2025R6.8tR5.4tR432.7b8.7x15.7x1.3x
Fri, 02 May 2025R6.6tR5.4tR425.0b8.7x15.6x1.2x
Sun, 30 Mar 2025R6.5tR5.3tR422.7b8.6x15.4x1.2x
Tue, 25 Feb 2025R6.4tR5.3tR410.8b9.4x15.5x1.2x
Thu, 23 Jan 2025R6.2tR5.3tR367.8b9.8x17x1.2x
Sat, 21 Dec 2024R6.3tR5.3tR364.2b10x17.2x1.2x
Mon, 18 Nov 2024R6.2tR5.3tR344.4b10x18x1.2x
Wed, 16 Oct 2024R6.3tR5.1tR338.8b10.3x18.7x1.2x
Fri, 13 Sep 2024R6.0tR5.2tR346.7b9.7x17.3x1.2x
Sun, 11 Aug 2024R5.9tR5.2tR417.7b9.6x14.1x1.1x
Tue, 09 Jul 2024R5.8tR5.1tR458.5b9.3x12.8x1.1x
Thu, 06 Jun 2024R5.5tR5.2tR436.8b8.7x12.5x1x
Sat, 04 May 2024R5.5tR5.3tR432.5b8.6x12.8x1x
Mon, 01 Apr 2024R5.5tR5.3tR434.0b8.7x12.6x1x
Wed, 28 Feb 2024R5.5tR5.3tR516.3b9.1x10.6x1x
Fri, 26 Jan 2024R5.6tR5.5tR542.3b9.4x10.4x1x
Sun, 24 Dec 2023R5.7tR5.4tR540.1b9.3x10.6x1.1x
Tue, 21 Nov 2023R5.6tR5.4tR538.3b9x10.4x1x
Thu, 19 Oct 2023R5.4tR5.5tR547.5b9.1x9.9x1x
Sat, 16 Sep 2023R5.7tR5.5tR553.7b8.8x10.3x1x
Mon, 14 Aug 2023R6.0tR5.4tR631.5b8.4x9.5x1.1x
Wed, 12 Jul 2023R5.8tR5.4tR658.7b8.5x8.8x1.1x
Fri, 09 Jun 2023R7.4tR5.4tR655.7b8.3x11.4x1.4x
Price to Earnings Ratio

11.4x


Total Market Cap: R7.4tTotal Earnings: R655.7bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.6x202420252026
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 13.6x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.0% 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 Market1.19%
Energy4.93%
Healthcare4.35%
Telecom2.58%
Materials2.52%
Financials1.34%
Tech1.07%
Consumer Discretionary0.58%
Industrials0.32%
Utilities0%0
Real Estate-0.50%
Consumer Staples-3.77%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 12.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.7% 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 47% over the next 5 years.
  • This is better than its past earnings growth rate of 16% 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
MTN MTN GroupR213.892.7%
+R10.3b		62.9%PE19.3xTelecom
APN Aspen Pharmacare HoldingsR144.035.6%
+R3.4b		20.5%PS1.5xHealthcare
EXX Exxaro ResourcesR219.243.3%
+R1.7b		50.6%PE6.8xEnergy
TKG Telkom SA SOCR61.884.1%
+R1.2b		52.4%PE8.7xTelecom
TGA Thungela ResourcesR151.834.2%
+R773.3m		66.1%PS0.7xEnergy
See more

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