New Woolworths CEO takes over, and another credit rating upgrade for South Africa
South Africa’s rand weakened on Friday as domestic markets digested a fall in foreign reserves last month, while U.S.-Iran peace talks kept sentiment cautious and inflation concerns in focus.
On Friday afternoon, the rand traded at 16.40 against the dollar, about 0.5% down from its previous close.
South Africa’s international liquidity fell to $73.47 billion at the end of May from $73.76 billion in April, central bank data showed on Friday.
The U.S. dollar was up against a basket of currencies, while oil prices stabilised after Oman said operations at its Mina al Fahal port were proceeding normally, following a Reuters report of disruption after an explosion.
As a net fuel importer, South Africa is heavily exposed to the spike in global energy prices.
Next week, domestically focused investors will look to the statistics agency’s release of gross domestic product figures on Tuesday for clues on the health of Africa’s largest economy.
Other releases include current account, mining and manufacturing data on Thursday. On the Johannesburg Stock Exchange, the Top-40 index was down 0.6%.
South Africa’s benchmark 2035 government bond weakened, with the yield up 13 basis points to 8.68%.
On Saturday, 6 June 2026, the rand was trading at R16.55 to the dollar, R22.07 to the pound, and R19.08 to the euro. Gold is trading lower at $4,431 an ounce, while oil prices were at $93.09 a barrel. [Reuters]
5 important things
New Woolworths CEO: Sam Ngumeni has taken the helm as Woolworths Group’s CEO. He takes the top job amid a tough period for the retailer, amid supplier disputes, unexplained explosions at two of its stores, and issues in its clothing and Australian divisions. [Daily Investor]
Credit upgrade for South Africa: Fitch Ratings raised South Africa’s credit rating, citing the nation’s progress in improving its finances. The credit assessor upgraded the country’s rating by one level to BB, which is two levels below investment grade. It said that the outlook was stable. This was the second credit upgrade for the nation, following a similar move from S&P in 2025 [Bloomberg]
Eskom losing its grip: Eskom’s contribution to South Africa’s electricity supply likely dropped to roughly 80% in 2025, with the remainder of the power coming from other sources, likely private generation. The country also lost its title as Africa’s top electricity producer in 2025 to Egypt, primarily due to a steep decline in coal-based power generation.[MyBroadband]
New bank adds 2,100 customers per day: Old Mutual’s OM Bank saw its customer base rise from 284,000 at 31 December 2025 to 473,000 in the first quarter of 2026. This works out to 2,100 new customers being added on average. The bank is set to launch its lending activities in the second half of the year. [BusinessTech]
Trouble for TFG: The Foschini Group has seen its basic earnings per share decline by 58.1% in the 2026 financial year ending 31 March 2026. The group said that operating conditions were weak in Australia, the UK and South Africa. [BusinessTech]
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