Dis-Chem founders dump millions worth of their shares, and Woolworths faces investigation
The rand remained stable against the US dollar on Monday as markets awaited the Federal Reserve’s minutes, which are expected to provide insights into the interest rate outlook.
New Chair Kevin Warsh said last week that anyone expecting the Fed to take a relaxed approach to inflation—despite it having cooled recently—might be “disappointed.”
At that time, the rand traded at 16.2450 against the dollar, showing little change from its previous close.
In the absence of significant domestic economic data, the South African rand, like many other risk-sensitive currencies, is influenced by global factors.
This includes economic data releases and policy developments from the US. The dollar was last reported 0.2% stronger against a basket of currencies.
ETM Analytics noted that the rand’s short-term outlook has improved as fears of U.S. rate hikes have eased, although they caution that the currency’s strength remains conditional rather than structural.
The domestic economic calendar for this week appears relatively light, with June foreign reserves data scheduled for Tuesday and May manufacturing output for Thursday.
On the Johannesburg Stock Exchange, the Top-40 index decreased by 0.7%. Meanwhile, South Africa’s benchmark 2035 government bond showed strength, with its yield falling 2 basis points to 8.18%.
On Tuesday, 7 July 2026, the rand was trading at R16.23 to the dollar, R21.74 to the pound, and R18.57 to the euro. Gold is trading at $4,130.15 an ounce, while oil prices were at $72.53 a barrel.
5 important things happening today
Dis-Chem founders sell shares: Billionaire founders Ivan and Lynette Saltzman sold more than R9.08 million worth of Dis-Chem shares on the open market. This was done as part of the Dis-Chem founders’ Forfeitable Share Options (FSPs) plans. [Daily Investor]
Woolworths faces investigation: The Information Regulator has received two complaints alleging that Woolworths prevents customers from unsubscribing from spam emails after joining its MyDifference loyalty program. A spokesperson confirmed that if the complaints are valid, an investigation into Woolworths’ direct marketing practices will take place. [MyBroadband]
Warning signs for South Africa: South Africa’s fixed investment rate (FIR) is concerningly low compared to the global average, indicating potential economic challenges ahead. FIR reflects capital investment relative to GDP, with a higher rate suggesting better economic health. [Newsday]
Tax relief on the cards for more businesses: The World Bank recommends that South Africa extend a 15% corporate tax rate to all Special Economic Zones (SEZs). Trade Minister Parks Tau will assess this alongside other expansion proposals. Currently, the rate applies to select zones and requires National Treasury approval. [Business Day]
Two new international flights for South Africa: South Africa has enhanced its air connectivity with two new international flights. LATAM Airlines launched its inaugural direct flight from São Paulo to Cape Town International Airport last week. Additionally, Emirates introduced a third daily flight to Cape Town, increasing seat capacity and improving connectivity for international visitors and investors. [TopAuto]
Loading ...