Biggest salary increase in history for Eskom employees, and task team deployed at Woolworths stores
The South African rand remained relatively stable in early trading on Friday as investors awaited the release of monthly data from the central bank, the revenue service, and the National Treasury for insights into the health of Africa’s largest economy.
The rand was trading at 16.2275 against the dollar, slightly changed from its previous close of 16.2375.
The South African Reserve Bank is set to release data on money supply and private sector credit figures for April.
Economists at Nedbank forecast that the annual growth in private sector credit is expected to decline from 8.5% in March to 8.2% in April, likely due to the many public holidays in April, which may have reduced economic activity.
Later in the day, South Africa’s revenue service and the National Treasury are anticipated to publish trade and budget balance data, respectively.
Investec economists suggested that the trade account is likely to remain in surplus in April, although it may narrow somewhat.
On the Johannesburg Stock Exchange, the Top-40 index was up 0.3% in early trading.
South Africa’s benchmark 2035 government bond also showed improvement, with the yield decreasing by 6.5 basis points to 8.39%.
On Sunday, 31 May, the rand was trading at R16.30 to the dollar, R21.85 to the pound, and R18.94 to the euro. Gold is trading lower at $4,539.76 an ounce, while oil prices were at $91.12 a barrel.
5 important things happening in South Africa today
Big salary increase for Eskom employees: Eskom’s employee benefits have increased from R35 billion to R48 billion in two years, marking a 37% rise, the largest in the company’s history. [MyBroadband]
Forensic task team deployed at two Woolworths stores: A national forensic task team and crime intelligence experts have been dispatched to investigate explosions at Woolworths stores in Gauteng and the Free State. [EWN]
More FMD vaccines in South Africa: The Agriculture Department has received an additional 3.5 million doses of foot-and-mouth disease vaccines, bringing the total available doses to 13.5 million. [ENCA]
Illicit funeral industry grows to 20,000: South Africa’s illegal funeral industry is growing, with approximately 20,000 undocumented funeral parlours currently operating, raising significant concerns about public health and safety. [Daily Investor]
Cape Town Taxis go cashless: The Cape Organisation for the Democratic Taxi Association (Codeta) has announced the launch of a new cashless payment system, which is set to launch on 1 June. [BusinessTech]
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