End of an era for 124-year-old company in South Africa, and billionaire Le Roux puts R6.5 billion in Capitec shares on the line
The rand weakened in early trading on Tuesday after data from the central bank showed a decline in the country’s foreign reserves last month.
The rand traded at 16.2425 against the dollar, about 0.3% below its previous close. South Africa’s net foreign reserves decreased from $73.47 billion in May to $71.34 billion at the end of June.
The US dollar remained steady against a basket of currencies as investors anticipated the release of minutes from the Federal Reserve’s June meeting, which may provide insights into Chair Kevin Warsh’s monetary policy direction.
Oil prices edged higher as traders monitored supply recovery and demand.
ETM Analytics noted in a research report that the near-term bias for the rand should remain constructive as long as global investors are willing to fund carry and rotate into liquid emerging market assets.
On the Johannesburg Stock Exchange, the Top-40 index fell by 0.5% in early trading. South Africa’s benchmark 2035 government bond was weaker in early transactions, with the yield rising by 2.5 basis points to 8.22%.
On Wednesday, 8 July 2026, the rand was trading at R16.27 to the dollar, R21.72 to the pound, and R18.57 to the euro. Gold is trading at $4,126.14 an ounce, while oil prices were at $76.09 a barrel.
5 important things happening today
End of an era for 124-year-old company: Abu Dhabi National Oil’s retail unit official confirmed it has agreed to buy Shell’s fuel stations in South Africa at a $1 billion (R16.25 billion) enterprise value, giving the state company access to Africa’s biggest economy for the first time. Adnoc Distribution will gain control of 580 retail stations, marking an end to Shell’s 124-year history in South Africa. [MyBroadband]
Capitec co-founder puts R6.5 billion shares on the line: Capitec founder Michiel le Roux, one of South Africa’s wealthiest individuals, is raising capital by using R6.5 billion of his shares in the bank as collateral to fund his investment vehicle, Kalander Sekuriteit, according to a regulatory filing. [Business Day]
Johannesburg cut off: South Africa’s National Treasury will withhold state funding for Johannesburg and dozens of other municipalities this month over their failure to manage their finances properly. [Daily Investor]
City of Cape Town in hot water: The City of Cape Town has been found guilty of maladministration and prejudice in a new report released by the Public Protector. The report followed complaints about the City of Cape Town regarding the lack of basic municipal services in the Joe Slovo and Khayelitsha townships. [Newsday]
Another National shutdown on the cards: Leader of the March and March anti-illegal-immigration movement, Jacinta Ngobese-Zuma, says the government has three months to meet demands or face a ‘real’ national shutdown. [BusinessTech]
Loading ...