DStv owner in hot water, and international car brand plans factory upgrade in South Africa
The rand weakened on Monday, influenced by a stronger US dollar and a spike in oil prices due to escalating tensions between the United States and Iran, which affected global market sentiment.
The rand was trading at 16.6925 against the dollar, representing a 0.5% decrease from its previous close.
The safe-haven US dollar gained against a basket of currencies, while oil prices surged over 3% to exceed $110 per barrel.
Iran claimed it had forced a US warship to turn back from the Strait of Hormuz, although US Central Command quickly refuted a report from Iran’s semi-official Fars news agency that stated two missiles had struck the vessel.
On a more positive note, South African manufacturing sentiment improved in April, driven by a rebound in output and new sales orders following a weak first quarter.
Additionally, data from South Africa’s auto association, Naamsa, indicated that new vehicle sales rose by 13% year-on-year in April, compared to a 17.3% increase recorded in March.
This growth reflects strong domestic demand that continues to support the industry, despite the prevailing global uncertainties.
On the Johannesburg Stock Exchange, the Top-40 index was down by 0.2%. In the bond market, South Africa’s benchmark 2035 government bond showed a slight improvement, with the yield falling 1 basis point to 8.785%.
On Tuesday, 5 May, the rand was trading at R16.83 to the dollar, R22.75 to the pound, and R19.66 to the euro. Gold is trading lower at $4,540.50 an ounce, while oil prices were at $113.4 a barrel.
5 important things happening in South Africa today
MultiChoice in hot water: MultiChoice, which owns and operates pay-TV provider DStv, and Altech UEC are facing prosecution from South Africa’s Competition Commission for alleged violations of the Competition Act. The referral to the Tribunal was announced on 4 May. [Daily Investor]
Mahindra doubles down on South Africa: Mahindra is upgrading its South African factory to meet growing local demand. The Indian carmaker confirmed plans to expand operations at the Dube TradePort in KwaZulu-Natal. It is also collaborating with the Industrial Development Corporation to explore the feasibility of introducing completely-knocked-down (CKD) vehicles at the facility. [TopAuto]
Official petrol and diesel prices for May: The Department of Petroleum and Mineral Resources has published the official fuel price adjustments that will take effect on Wednesday, 6 May 2026. Petrol prices will be hiked by R3.27 per litre, while diesel prices will see a higher climb of R6.19 per litre. [BusinessTech]
SABC should get more money from taxpayers: Clayson Monyela, Deputy Director-General for Public Diplomacy at the Department of International Relations and Cooperation, said South Africa’s public broadcaster should get more public funding. [MyBroadband]
Union rejects Pick n Pay plans: The South African Commercial Catering and Allied Workers Union (Saccawu) has rejected Pick n Pay’s proposed changes to its store labour model, warning that the retailer’s section 189A process might lead to job losses, despite claims that no jobs will be cut. [Business Day]
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