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South African (JSE) Market Analysis & Valuation

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies203
  • 7D-0.1%
  • 3M9.9%
  • 1Y36.2%
  • YTD2.9%

In the last week, the market has been flat, with a notable exception in the Consumer Discretionary sector dropping 4.0%. Meanwhile, the market is actually up 36% over the past year. Earnings are forecast to grow by 19% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026R8.4tR5.3tR558.4b9.6x15.1x1.6x
Thu, 18 Dec 2025R8.1tR5.4tR562.0b9.3x14.3x1.5x
Sat, 15 Nov 2025R7.9tR5.5tR570.7b9.6x13.8x1.4x
Mon, 13 Oct 2025R7.8tR5.5tR574.9b9.2x13.5x1.4x
Wed, 10 Sep 2025R7.3tR5.5tR567.0b8.9x12.9x1.3x
Fri, 08 Aug 2025R7.2tR5.5tR466.9b8.5x15.4x1.3x
Sun, 06 Jul 2025R7.0tR5.5tR472.5b8.5x14.8x1.3x
Tue, 03 Jun 2025R6.8tR5.4tR432.6b8.7x15.7x1.3x
Thu, 01 May 2025R6.6tR5.4tR425.6b8.7x15.6x1.2x
Sat, 29 Mar 2025R6.5tR5.3tR422.3b8.6x15.4x1.2x
Mon, 24 Feb 2025R6.5tR5.3tR415.7b9.6x15.5x1.2x
Wed, 22 Jan 2025R6.2tR5.3tR367.9b9.7x17x1.2x
Fri, 20 Dec 2024R6.3tR5.3tR364.7b9.9x17.2x1.2x
Sun, 17 Nov 2024R6.2tR5.3tR344.4b10x18x1.2x
Tue, 15 Oct 2024R6.3tR5.1tR336.2b10.4x18.9x1.2x
Thu, 12 Sep 2024R5.9tR5.2tR347.7b9.7x17.1x1.1x
Sat, 10 Aug 2024R5.9tR5.2tR418.4b9.6x14.1x1.1x
Mon, 08 Jul 2024R5.8tR5.1tR458.9b9.3x12.7x1.1x
Wed, 05 Jun 2024R5.5tR5.2tR433.0b8.7x12.6x1x
Fri, 03 May 2024R5.5tR5.3tR432.9b8.5x12.7x1x
Sun, 31 Mar 2024R5.5tR5.3tR434.1b8.7x12.6x1x
Tue, 27 Feb 2024R5.5tR5.3tR517.7b9x10.6x1x
Thu, 25 Jan 2024R5.7tR5.5tR542.6b9.3x10.4x1x
Sat, 23 Dec 2023R5.7tR5.4tR539.3b9.3x10.6x1.1x
Mon, 20 Nov 2023R5.6tR5.4tR538.6b9x10.3x1x
Wed, 18 Oct 2023R5.5tR5.4tR545.8b9x10.1x1x
Fri, 15 Sep 2023R5.7tR5.5tR553.7b8.8x10.3x1x
Sun, 13 Aug 2023R6.0tR5.4tR631.5b8.4x9.5x1.1x
Tue, 11 Jul 2023R5.7tR5.4tR660.6b8.5x8.7x1.1x
Thu, 08 Jun 2023R5.9tR5.4tR654.9b8.3x9.1x1.1x
Sat, 06 May 2023R6.1tR5.3tR669.4b8.3x9.1x1.1x
Mon, 03 Apr 2023R6.0tR5.3tR646.5b8.2x9.3x1.1x
Wed, 01 Mar 2023R6.1tR5.3tR640.1b8.7x9.6x1.2x
Fri, 27 Jan 2023R6.4tR5.2tR658.8b8.5x9.8x1.2x
Price to Earnings Ratio

9.8x


Total Market Cap: R6.4tTotal Earnings: R658.8bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.1x202420252026
Current Market PE
  • Investors are optimistic on the South African market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 15.1x which is higher than its 3-year average PE of 13.1x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.4% 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-0.096%
Materials1.96%
Financials0.30%
Telecom0.17%
Real Estate0.035%
Utilities0%0
Healthcare-0.25%
Consumer Staples-0.79%
Industrials-1.66%
Tech-2.66%
Energy-3.86%
Consumer Discretionary-3.97%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 36.5% which is higher than its past year's earnings decline of 3.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 6.5% 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
GFI Gold FieldsR832.785.4%
+R38.3b		189.5%PE24.2xMaterials
CPI Capitec Bank HoldingsR4.25k1.3%
+R6.5b		41.1%PB9.2xFinancials
SSW Sibanye StillwaterR71.282.9%
+R5.6b		321.5%PS1.8xMaterials
NPH Northam Platinum HoldingsR385.392.6%
+R3.7b		233.4%PE95.9xMaterials
INL Investec GroupR129.933.4%
+R3.5b		4.7%PE7.8xFinancials
See more

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