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South African (JSE) Market Analysis & Valuation

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies203
  • 7D0.8%
  • 3M2.1%
  • 1Y18.0%
  • YTD-3.1%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 5.3% in that time. As for the longer term, the market has risen 18% in the past 12 months. Looking forward, earnings are forecast to grow by 15% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026R7.9tR5.5tR625.1b8.6x12.6x1.4x
Thu, 21 May 2026R7.9tR5.5tR616.4b8.4x12.9x1.4x
Sat, 18 Apr 2026R8.4tR5.5tR613.6b9.2x13.7x1.5x
Mon, 16 Mar 2026R8.0tR5.5tR610.7b9.6x13x1.5x
Wed, 11 Feb 2026R8.5tR5.3tR557.3b9.7x15.2x1.6x
Fri, 09 Jan 2026R8.3tR5.4tR559.8b9.6x14.8x1.5x
Sun, 07 Dec 2025R8.0tR5.4tR566.1b9.5x14x1.5x
Tue, 04 Nov 2025R7.7tR5.5tR576.2b9.1x13.4x1.4x
Thu, 02 Oct 2025R7.7tR5.5tR572.2b8.9x13.4x1.4x
Sat, 30 Aug 2025R7.3tR5.5tR575.9b9.1x12.6x1.3x
Mon, 28 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Wed, 25 Jun 2025R6.9tR5.5tR472.5b8.7x14.6x1.3x
Fri, 23 May 2025R6.7tR5.3tR422.3b8.8x15.9x1.3x
Sun, 20 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Tue, 18 Mar 2025R6.4tR5.3tR414.7b8.7x15.5x1.2x
Thu, 13 Feb 2025R6.4tR5.3tR370.5b9.5x17.3x1.2x
Sat, 11 Jan 2025R6.2tR5.3tR371.4b10x16.6x1.2x
Mon, 09 Dec 2024R6.4tR5.3tR362.8b10x17.7x1.2x
Wed, 06 Nov 2024R6.4tR5.3tR334.8b10.4x19.2x1.2x
Fri, 04 Oct 2024R6.3tR5.3tR339.0b10.2x18.7x1.2x
Sun, 01 Sep 2024R6.2tR5.2tR344.6b9.9x17.9x1.2x
Tue, 30 Jul 2024R5.9tR5.2tR419.0b9.4x14.1x1.1x
Thu, 27 Jun 2024R5.8tR5.2tR421.1b9x13.7x1.1x
Sat, 25 May 2024R5.7tR5.3tR431.1b8.7x13.3x1.1x
Mon, 22 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Wed, 20 Mar 2024R5.3tR5.4tR461.7b8.4x11.4x1x
Fri, 16 Feb 2024R5.5tR5.3tR526.5b9x10.4x1x
Sun, 14 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Tue, 12 Dec 2023R5.6tR5.5tR544.9b9.1x10.3x1x
Thu, 09 Nov 2023R5.5tR5.5tR543.0b8.8x10.1x1x
Sat, 07 Oct 2023R5.3tR5.5tR550.0b9.1x9.6x1x
Mon, 04 Sep 2023R5.8tR5.4tR564.2b8.7x10.2x1.1x
Wed, 02 Aug 2023R6.1tR5.3tR631.8b8.5x9.7x1.1x
Fri, 30 Jun 2023R5.8tR5.4tR660.3b8.6x8.8x1.1x
Price to Earnings Ratio

8.8x


Total Market Cap: R5.8tTotal Earnings: R660.3bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.7x202420252026
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 13.7x.
Past Earnings Growth
  • Both revenue and earnings for South African listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

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

ZA Market0.77%
Tech5.27%
Healthcare5.02%
Financials4.12%
Real Estate3.44%
Industrials2.02%
Consumer Staples1.92%
Telecom0.59%
Utilities0%0
Energy-0.75%
Consumer Discretionary-1.03%
Materials-5.10%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 15.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 14.7% which is higher than its past year's earnings decline of 2.1% per year.
  • The Consumer Discretionary sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.7x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 44% 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 4.2% 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
CPI Capitec Bank HoldingsR4.76k4.2%
+R22.4b		39.2%PB9.3xFinancials
SBK Standard Bank GroupR335.273.6%
+R19.0b		49.4%PB1.9xFinancials
FSR FirstRandR98.883.4%
+R18.1b		38.9%PE12.5xFinancials
MTN MTN GroupR230.681.8%
+R7.3b		81.3%PE20.9xTelecom
ABG Absa GroupR252.863.6%
+R7.3b		48.1%PB1.1xFinancials
See more

Market Insights

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Latest News

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CPI
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VAL
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Valterra Platinum
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VAL: Higher P/E Assumptions And Execution Risks Will Pressure Future Share Price

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Nedbank Group
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14.3%
Narrative Update • Jun 17

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HAR
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Harmony Gold Mining
7D
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IMP
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Impala Platinum Holdings
7D
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1Y
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IMP: Stable 6E Volumes And Margins Will Support Future Share Price

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Absa Group
7D
3.6%
1Y
48.1%
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GFI
R555.81
Gold Fields
7D
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1Y
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MTN
R230.68
MTN Group
7D
1.8%
1Y
81.3%
Narrative Update • Jun 16

MTN: Fintech Partnership And Dividend Discipline Will Shape Future Share Balance

Analysts have slightly reduced their fair value estimate for MTN Group, trimming the price target from ZAR225.00 to about ZAR224.44 as they refine assumptions around growth, margins and future P/E based on their latest research. Analyst Commentary Analysts covering MTN Group see a mix of positives and risks, which is reflected in the very small trim to the fair value estimate.
VOD
R147.40
Vodacom Group
7D
-2.1%
1Y
12.8%
Narrative Update • Jun 15

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Analysts have lifted Vodacom Group's price target from ZAR151.88 to ZAR158.85, reflecting updated views on its growth, profitability profile and P/E assumptions following recent research coverage. What's in the News Vodacom Group issued earnings guidance for the year ending 31 March 2026, indicating an expected EPS range of 1,031 cents to 1,074 cents, based on company guidance.
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R36.88
Sibanye Stillwater
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-15.1%
1Y
14.4%
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SBK
R335.27
Standard Bank Group
7D
3.6%
1Y
49.4%
Narrative Update • Jun 10

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NPH
R249.28
Northam Platinum Holdings
7D
-11.5%
1Y
39.0%
FSR
R98.88
FirstRand
7D
3.4%
1Y
38.9%
Narrative Update • Jun 07

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