South African equity research
Own the bedrock of the South African economy
Understand the companies listed on the JSE — the miners, banks, insurers and retailers that carry the country's economy. Compare fundamentals, follow dividends, and build a view with evidence.
Explore JSE stocks01 / Market horizon
Where the JSE stands today
Index levels, metals and the rand — the four inputs that explain most of a South African equity return.
Illustrative sample data — not live market prices
02 / The market
Companies worth understanding
The largest businesses on the exchange, each with the fundamentals that actually move the share price.
03 / Sectors
Twelve sectors, twelve different questions
A bank is not a miner. Each sector answers to a different set of forces, and the numbers you should check change with them.
04 / The case
Why listed South African equities
Three structural reasons the JSE deserves a place in a considered portfolio — and the risks that come with them.
- 01Real assets, hard-currency earnings
- The mining houses earn in dollars and sell into global markets, while banks and insurers profit from a large domestic market. That mix is why the JSE behaves differently from most emerging markets.
- 02A deep dividend culture
- South African banks, insurers and retailers distribute a large share of earnings. For long-term investors, reinvested dividends have historically done much of the work.
- 03Under-owned and often mispriced
- Many JSE companies trade at a discount to global peers for reasons that are political as much as financial. Knowing which discounts are earned — and which are not — is the whole job.
05 / Research
Notes from the desk
Written for people who read annual reports, not headlines.
06 / Questions
What investors ask first
If your question is not here, send it to us — we answer every one.
What is the JSE, and why does it matter to South African investors?
The Johannesburg Stock Exchange is Africa's largest stock exchange by market capitalisation. It lists the mining houses, banks, insurers, retailers and telecoms that make up most of the country's formal economy, so owning JSE shares is the most direct way to own a share of that economy.
Is the share price data on this site live?
No. The prices, ratios and index levels shown are illustrative sample figures used to demonstrate how the research is presented. Always confirm current prices with your broker or the JSE before acting on anything you read here.
How do I actually buy a JSE-listed share?
You open a securities account with a licensed stockbroker or an online investment platform, fund it, and place an order using the JSE ticker code — for example NPN for Naspers. Bedrock does not hold client money or execute trades; we publish research only.
What should I look at before buying a South African share?
Start with the fundamentals: earnings history, the dividend and whether it is covered by cash flow, debt levels, and the specific risks management names in its own reports. Then ask whether the price already assumes the good news.
How much of a portfolio should be in South African equities?
That depends on your time horizon, other income and how much of your spending is in rand. We do not give personal advice; a licensed financial adviser can help you size the allocation properly.
Start with the companies, not the noise.
Tell us what you are trying to understand — a sector, a dividend, a single holding — and we will point you to the numbers that matter.
Talk to an analyst