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South African (JSE) Market Analysis & Valuation

UpdatedMar 12, 2025
DataAggregated Company Financials
Companies212
  • 7D0.9%
  • 3M-1.9%
  • 1Y16.5%
  • YTD1.3%

Over the last 7 days, the market has remained flat, although notably the Materials sector gained 12% in that time. As for the longer term, the market has risen 17% in the past 12 months. Looking forward, 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
Wed, 12 Mar 2025R6.3tR5.3tR422.4b8.7x15x1.2x
Fri, 07 Feb 2025R6.4tR5.3tR371.3b9.8x17.1x1.2x
Sun, 05 Jan 2025R6.3tR5.3tR369.2b9.9x17x1.2x
Tue, 03 Dec 2024R6.3tR5.3tR351.4b10.1x18x1.2x
Thu, 31 Oct 2024R6.4tR5.1tR339.4b10.3x18.8x1.2x
Sat, 28 Sep 2024R6.4tR5.2tR333.8b10.3x19.3x1.2x
Mon, 26 Aug 2024R6.2tR5.2tR349.5b9.7x17.7x1.2x
Wed, 24 Jul 2024R5.9tR5.2tR421.2b9.2x14x1.1x
Fri, 21 Jun 2024R5.8tR5.1tR480.8b9x12.1x1.1x
Sun, 19 May 2024R5.8tR5.3tR431.3b8.6x13.3x1.1x
Tue, 16 Apr 2024R5.4tR5.3tR433.7b8.6x12.6x1x
Thu, 14 Mar 2024R5.5tR5.4tR453.8b8.5x12.1x1x
Sat, 10 Feb 2024R5.5tR5.3tR533.2b9.1x10.3x1x
Mon, 08 Jan 2024R5.7tR5.4tR541.2b9.5x10.5x1x
Wed, 06 Dec 2023R5.6tR5.5tR546.2b9.1x10.3x1x
Fri, 03 Nov 2023R5.4tR5.4tR542.7b8.9x10x1x
Sun, 01 Oct 2023R5.5tR5.5tR548.0b9.1x10x1x
Tue, 29 Aug 2023R5.9tR5.4tR585.3b8.8x10x1.1x
Thu, 27 Jul 2023R6.0tR5.3tR631.4b8.5x9.5x1.1x
Sat, 24 Jun 2023R5.8tR5.4tR631.0b8.3x9.1x1.1x
Mon, 22 May 2023R5.9tR5.4tR669.0b7.6x8.8x1.1x
Wed, 19 Apr 2023R6.2tR5.3tR657.7b8.1x9.4x1.2x
Fri, 17 Mar 2023R5.8tR5.3tR646.3b8.2x9x1.1x
Sun, 12 Feb 2023R6.3tR5.2tR658.7b8.6x9.6x1.2x
Tue, 10 Jan 2023R6.3tR5.2tR656.5b8.3x9.6x1.2x
Thu, 08 Dec 2022R6.1tR5.2tR657.2b8.6x9.3x1.2x
Sat, 05 Nov 2022R6.0tR5.2tR838.5b8.6x7.1x1.2x
Mon, 03 Oct 2022R5.5tR5.1tR837.9b8.5x6.6x1.1x
Wed, 31 Aug 2022R5.8tR5.4tR800.2b8.1x7.3x1.1x
Fri, 29 Jul 2022R5.9tR5.2tR768.2b8.6x7.7x1.1x
Sun, 26 Jun 2022R6.2tR5.2tR802.6b8.8x7.8x1.2x
Tue, 24 May 2022R6.4tR5.2tR790.9b9x8.1x1.2x
Thu, 21 Apr 2022R6.8tR5.1tR773.6b9.6x8.8x1.3x
Sat, 19 Mar 2022R7.3tR5.0tR767.0b10.2x9.5x1.4x
Price to Earnings Ratio

9.5x


Total Market Cap: R7.3tTotal Earnings: R767.0bTotal Revenue: R5.0tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 11.2x202320242025
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 15.0x which is higher than its 3-year average PE of 11.2x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 18% 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 Market0.86%
Materials11.85%
Healthcare1.09%
Industrials0.28%
Consumer Discretionary0.19%
Utilities0%0
Real Estate-0.39%
Energy-0.72%
Tech-0.76%
Consumer Staples-0.97%
Telecom-1.86%
Financials-2.43%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 20.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 47.4% which is higher than its past year's earnings decline of 3.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings decline of 3.1% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 3.7% 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
AMS Anglo American PlatinumR712.8619.6%
+R30.6b		-3.9%PE26.5xMaterials
IMP Impala Platinum HoldingsR120.9727.7%
+R23.5b		74.3%PS1.3xMaterials
GFI Gold FieldsR371.727.5%
+R23.2b		34.1%PE14.7xMaterials
HAR Harmony Gold MiningR216.3616.4%
+R19.0b		52.3%PE12.8xMaterials
NPN NaspersR4.63k1.7%
+R13.0b		51.4%PE12.1xConsumer Discretionary
See more
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HAR

R216.36

Harmony Gold Mining

7D

16.4%

1Y

52.3%

NED

R267.46

Nedbank Group

7D

-8.1%

1Y

16.1%

NPH

R128.90

Northam Platinum Holdings

7D

21.9%

1Y

23.0%

DSY

R194.99

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7D

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1Y

43.6%

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SHP

R275.34

Shoprite Holdings

7D

3.1%

1Y

2.9%

SSW

R18.07

Sibanye Stillwater

7D

19.7%

1Y

-12.3%

OUT

R64.40

OUTsurance Group

7D

-5.5%

1Y

57.8%

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BID

R427.69

Bid

7D

-2.5%

1Y

-4.7%

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IMP

R120.97

Impala Platinum Holdings

7D

27.7%

1Y

74.3%

MTN

R112.92

MTN Group

7D

-2.2%

1Y

34.4%

GFI

R371.72

Gold Fields

7D

7.5%

1Y

34.1%

AMS

R712.86

Anglo American Platinum

7D

19.6%

1Y

-3.9%

OMU

R11.38

Old Mutual

7D

-7.3%

1Y

-6.8%

NPN

R4,631.07

Naspers

7D

1.7%

1Y

51.4%

CPI

R2,950.46

Capitec Bank Holdings

7D

-3.2%

1Y

39.6%

INL

R114.58

Investec Group

7D

-4.3%

1Y

-4.2%