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South African (JSE) Market Analysis & Valuation

UpdatedJul 05, 2026
DataAggregated Company Financials
Companies202
  • 7D1.3%
  • 3M-2.7%
  • 1Y12.8%
  • YTD-4.1%

Over the last 7 days, the market has risen 1.3%, driven by gains of 3.4% in the Materials sector. The market is up 13% over the last 12 months. 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
Sun, 05 Jul 2026R7.8tR5.6tR608.8b8.6x12.8x1.4x
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
Price to Earnings Ratio

8.8x


Total Market Cap: R5.8tTotal Earnings: R658.7bTotal 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 Market1.26%
Materials3.45%
Healthcare2.63%
Telecom2.44%
Industrials1.41%
Financials0.64%
Consumer Staples0.36%
Consumer Discretionary0.23%
Utilities0%0
Real Estate-0.60%
Energy-2.14%
Tech-4.09%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 16.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 14.8% 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 Tech sector is expected to see its earnings grow by 7.4% 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 FieldsR588.616.7%
+R33.0b		36.1%PE9.1xMaterials
VAL Valterra PlatinumR1.19k4.9%
+R14.5b		40.3%PE20.3xMaterials
MTN MTN GroupR233.383.3%
+R13.6b		66.7%PE21.1xTelecom
CPI Capitec Bank HoldingsR4.77k2.1%
+R11.4b		33.4%PB9.3xFinancials
HAR Harmony Gold MiningR275.106.4%
+R10.4b		8.4%PE10.6xMaterials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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