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PPC Surges While Afrimat Leads June's Market Declines (CRMS June 2026)

Overall, listed construction-related companies delivered a mixed performance in June 2026. While the broader market weakened during the month, several construction and property counters continued to attract investor support, particularly among the listed property funds and selected building material suppliers.

• Contractors: Combined market capitalisation eased by 0.4% between May and June 2026, although it remained 1.4% higher than June 2025. The monthly decline was largely driven by weaker valuations for Raubex, Aveng, Stefanuti Stocks and Afrimat, despite gains by WBHO and PPC. Looking at the first six months of 2026, the sector's average market capitalisation was still 7.9% higher than the same period in 2025, suggesting that investor sentiment towards the contracting sector remains more positive than a year ago, despite recent volatility.
• Building material suppliers: The supplier group recorded a 5.0% increase in market capitalisation during June compared with May, although values were only 0.2% above June 2025. The sharp monthly improvement was mainly supported by stronger performances from PPC, Italtile and Sephaku. However, on average, the sector's market capitalisation during the first half of 2026 remained 3.9% below the same period in 2025, reflecting that the recovery in investor confidence is still uneven.
• Retailers: Listed construction retailers continued to outperform, with combined market capitalisation increasing 0.5% month-on-month and standing an impressive 59.1% above June 2025. Average market capitalisation for January to June 2026 was 46.1% higher than the corresponding period last year, indicating sustained investor optimism towards consumer-facing building activity.
• Property funds: Property counters delivered the strongest broad-based performance during June. Combined market capitalisation increased 4.9% compared with May and was 33.0% higher than June 2025. On average, the sector's market value during the first six months of 2026 was 22.1% higher than the same period in 2025, reflecting improving confidence in the listed property sector as interest rate expectations and property fundamentals continue to improve.

The June 2026 results suggest that investor sentiment remains strongest towards listed property companies and construction retailers, while confidence in contractors and building material producers is improving more gradually. The divergence between sectors also reflects that investors continue to favour businesses with stronger earnings visibility, even as construction activity itself remains uneven across the market.

Top and Worst Performing Listed Companies – June 2026 (Month-on-Month)

Investor sentiment varied significantly across individual counters during June 2026. PPC delivered the strongest performance, with its market capitalisation increasing by 15.4% compared with May, followed by Sephaku Holdings (+9.3%). Listed property companies also continued their strong run, led by Vukile Property Fund (+8.1%), Redefine Properties (+5.9%) and SA Corporate Real Estate (+5.7%), reflecting continued investor confidence in the property sector.

The weakest performer during the month was Afrimat, whose market capitalisation declined by 13.3%, followed by Stefanuti Stocks (-10.8%). Other notable declines were recorded by Aveng (-4.4%), Cashbuild (-4.3%) and Raubex (-2.6%). These declines contributed to the softer performance recorded by the contracting and building materials sectors during June.

Download the June 2026 dashboard here (available to subscribers)

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