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CRMS Dashboard October 2024

October Decline in Composite CRMS Index Reflects Mixed Fortunes Across Construction and Materials Sectors

The CRMS index is a composite index of listed JSE companies performance in terms of market capitalisation values, active in the South African Construction Sector.

In October 2024, the Composite CRMS Index saw a notable decline, decreasing by 3.9% month-over-month (m-m) to 86.5. This contraction followed a previous 3.6% gain in September. Despite this monthly drop, the index demonstrated strong year-over-year (y-y) growth of 48.2%, underscoring a generally robust upward trend over the past year.

Several sub-indices recorded decreases in cumulative market capitalization in October. The Contractors' Composite Index experienced the largest dip, falling 9.6%, followed by the Suppliers Index, which decreased by 1.2%, and Property Funds, which collectively declined by an average of 4% m-m.

Among contractors, Calgro M3 emerged as an outlier, maintaining its market cap value while others faced declines. Murray & Roberts, a significant player in the construction sector, registered the sharpest decrease among contractors. Meanwhile, Stefanutti Stocks, recognized for its growth in prior periods, also faced a setback, with a 7.4% drop, bringing its market cap to R799.3 million.

The cement industry similarly experienced challenges. Sephaku Cement reported a significant double-digit m-m decline, reflecting sectoral headwinds. However, in a longer-term view, Sephaku has shown resilience with a year-over-year increase exceeding 100%, driven by demand recovery and strategic positioning in key markets. Afrimat, another major player in materials supply, maintained stable performance for the month, achieving a y-y growth of 30.5%, supported by its diversified materials portfolio and resilient market positioning.

On a positive note, the building materials suppliers Cashbuild and Italtile both registered gains in October. Cashbuild, specializing in building materials, rose by 8.9%, capitalizing on sustained demand in the home renovation sector. Italtile, a leader in premium tile and sanitaryware retail, grew by 2.7%, likely benefiting from steady demand in both residential and commercial construction markets.

This analysis of the CRMS Index highlights contrasting fortunes across sectors, with pockets of resilience evident amid broader market challenges. The diversified performance across contractors, suppliers, and materials providers reflects shifting market dynamics and varying sectoral resilience.

Further details provided in the CRMS dashboard. 

NEW: Financial indicator summary for the companies included in the compilation of the CRMS index and sub-indices.

The following indicators are included: Turnover, Operating Profit Margin, Attributable Income, Market Cap, Fixed Assets, Total Long term liabilities, Total Current liabilities, Return on total assets, Ratios: Fixed Assets/Turnover, Current Liabilities/Turnover, Current Liabilities/Fixed Assets

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