Mr Price crashes by R6 billion, and serious trouble at one of South Africa’s biggest universities
The rand appreciated on Wednesday following the release of domestic retail sales data, as investors anticipated a US Federal Reserve policy meeting later in the day.
The rand was trading at 17.03 against the dollar, reflecting an increase of approximately 0.2% from Tuesday’s close.
Statistics South Africa reported that retail sales rose by 2.9% year-on-year in October, following a revised increase of 3.0% in September.
Global investor attention will be focused on an expected 25-basis-point interest rate cut by the Fed, which may be accompanied by hawkish guidance.
Analysts suggest that while the rate cut might already be priced into the market, guidance from Fed Chairman Jerome Powell could lead to significant market movement.
As a risk-sensitive currency, the rand often responds to global influences, such as US policy and economic data, in addition to domestic factors.
Currently, assessments indicate that the rand will maintain some resilience, supported by several favourable fundamentals.
On the Johannesburg Stock Exchange, the Top 40 index was up 0.2%.
On Thursday, 11 December, the rand was trading at R16.97 to the dollar, R22.68 to the pound and R19.83 to the euro. Oil was trading slightly lower at $62.34 a barrel.
5 important things happening in South Africa today
Investors dump Mr Price: Mr Price’s shares dropped over 10% on Wednesday after announcing a planned R10 billion acquisition of German retailer NKD, leading to a R6 billion loss in market value and valuing the company at R49 billion on the JSE. Analysts expressed concerns about the size, timing, and strategic shift of the transaction. [News24]
Serious trouble at one of South Africa’s largest universities: The University of South Africa (Unisa) and its Vice Chancellor are facing a corruption scandal following a 47-page dossier that alleges fraud, financial mismanagement, and abuse of power. Compiled by “concerned stakeholders” and Sebako Attorneys, the document claims the university has lost hundreds of millions of Rands due to corruption. Unisa has dismissed these reports as unfounded allegations that have circulated since LenkaBula’s appointment in 2021. [Newsday]
Matric exams breached: The Department of Basic Education has revealed that an examination breach was detected during the marking process for the 2025 National Senior Certificate exams. “The breach was detected through the department’s internal monitoring and oversight systems,” the department said. Basic Education Minister Siviwe will hold an urgent media briefing early on Thursday, 11 December 2025, to provide more details about the breach. [Mybroadband]
R3 trillion plan to curb US tariffs: The ANC is currently discussing an investment and export diversification plan aimed at increasing South African exports to R3 trillion. This initiative is being presented at its mid-term national general council as the government looks to strengthen the economy in response to recent punitive tariffs imposed by the United States. [Business Day]
Big changes coming to Durban beachfront: A new amusement park, backed by a R1 billion private investment, is planned for Durban’s beachfront at the former Funworld site, set for completion in 2027. The Durban Amusement Park is part of a R2 billion investment program, which includes the redevelopment of Joe Kools and upgrades to the Elangeni and Maharani hotel precincts, crucial to the municipality’s beachfront renewal strategy. [Moneyweb]
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