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South African (JSE) Market Analysis & Valuation

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies203
  • 7D-1.1%
  • 3M-4.2%
  • 1Y12.1%
  • YTD-5.1%

Over the last 7 days, the market has dropped 1.1%, driven by losses in the Materials and Financials sectors of 4.3% and 2.3%, respectively. In contrast to the last week, the market is actually up 12% over the past year. 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
Wed, 01 Jul 2026R7.7tR5.6tR611.7b8.6x12.6x1.4x
Fri, 29 May 2026R8.0tR5.5tR617.4b8.7x12.9x1.4x
Sun, 26 Apr 2026R8.1tR5.5tR617.8b9.2x13x1.5x
Tue, 24 Mar 2026R7.7tR5.5tR627.5b9.1x12.3x1.4x
Thu, 19 Feb 2026R8.6tR5.3tR557.8b9.7x15.4x1.6x
Sat, 17 Jan 2026R8.4tR5.3tR558.6b9.6x15.1x1.6x
Mon, 15 Dec 2025R8.0tR5.4tR563.2b9.3x14.1x1.5x
Wed, 12 Nov 2025R7.8tR5.5tR572.2b9.4x13.7x1.4x
Fri, 10 Oct 2025R7.8tR5.5tR572.1b9x13.6x1.4x
Sun, 07 Sep 2025R7.2tR5.5tR566.9b8.9x12.8x1.3x
Tue, 05 Aug 2025R7.1tR5.5tR469.7b8.4x15.2x1.3x
Thu, 03 Jul 2025R7.0tR5.5tR472.3b8.5x14.7x1.3x
Sat, 31 May 2025R6.8tR5.3tR428.8b8.5x15.8x1.3x
Mon, 28 Apr 2025R6.5tR5.4tR426.1b8.6x15.3x1.2x
Wed, 26 Mar 2025R6.5tR5.3tR421.7b8.6x15.5x1.2x
Fri, 21 Feb 2025R6.4tR5.3tR359.9b9.4x17.9x1.2x
Sun, 19 Jan 2025R6.2tR5.3tR369.0b9.7x16.9x1.2x
Tue, 17 Dec 2024R6.5tR5.3tR361.5b10.2x17.9x1.2x
Thu, 14 Nov 2024R6.2tR5.3tR342.5b10.1x18.2x1.2x
Sat, 12 Oct 2024R6.3tR5.1tR336.3b10.4x18.9x1.2x
Mon, 09 Sep 2024R6.0tR5.2tR347.7b9.8x17.2x1.1x
Wed, 07 Aug 2024R5.8tR5.2tR418.6b9.4x13.9x1.1x
Fri, 05 Jul 2024R5.9tR5.2tR421.8b9.4x14.1x1.1x
Sun, 02 Jun 2024R5.5tR5.2tR433.6b8.7x12.6x1x
Tue, 30 Apr 2024R5.5tR5.3tR433.5b8.4x12.7x1x
Thu, 28 Mar 2024R5.4tR5.4tR432.2b8.7x12.6x1x
Sat, 24 Feb 2024R5.5tR5.3tR522.1b9.1x10.6x1x
Mon, 22 Jan 2024R5.6tR5.5tR543.5b9.3x10.2x1x
Wed, 20 Dec 2023R5.7tR5.4tR538.8b9.2x10.6x1.1x
Fri, 17 Nov 2023R5.7tR5.5tR534.5b9.1x10.6x1x
Sun, 15 Oct 2023R5.5tR5.4tR547.3b9x10x1x
Tue, 12 Sep 2023R5.7tR5.5tR558.1b8.8x10.3x1.1x
Thu, 10 Aug 2023R6.0tR5.4tR631.7b8.5x9.4x1.1x
Sat, 08 Jul 2023R5.8tR5.4tR660.5b8.5x8.7x1.1x
Price to Earnings Ratio

8.7x


Total Market Cap: R5.8tTotal Earnings: R660.5bTotal 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
  • The earnings for South African listed companies have declined 2.6% 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 Market-1.06%
Tech3.95%
Consumer Discretionary2.87%
Telecom2.52%
Healthcare2.41%
Real Estate1.22%
Consumer Staples0.89%
Utilities0%0
Industrials-1.31%
Financials-2.27%
Energy-3.51%
Materials-4.34%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 16.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 13.5% which is higher than its past year's earnings decline of 2.1% 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 8.1x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 43% 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 7.5% 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
VOD Vodacom GroupR151.775.5%
+R15.2b		8.5%PE14.2xTelecom
MTN MTN GroupR227.863.6%
+R14.4b		60.5%PE20.6xTelecom
NPN NaspersR820.621.9%
+R13.0b		-25.0%PE7.6xConsumer Discretionary
CPI Capitec Bank HoldingsR4.75k0.9%
+R5.1b		33.4%PB9.3xFinancials
BID BidR446.602.4%
+R3.6b		-4.6%PE17xConsumer Staples
See more

Market Insights

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21.6%
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R227.86
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VOD
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