New R1.7 megabridge being built in South Africa, and top all-boys private school in hot water
The South African rand fell to its lowest level in a week on Wednesday, after US President Donald Trump said an interim peace deal with Iran was “over”, dampening risk appetite and pressuring emerging-market currencies.
The rand was trading at 16.3850 against the dollar, which is approximately a 0.5% decline from its previous close, aligning with losses among its emerging-market counterparts.
The US dollar remained stable against a basket of currencies, while oil prices surged by more than 5% to a two-week high.
Iran’s Revolutionary Guards claimed responsibility for targeting US military sites in Bahrain and Kuwait following a series of US military strikes on Iran in retaliation for attacks on tankers in the Strait of Hormuz.
Like other risk-sensitive currencies, the rand tends to respond to global market trends. Analysts anticipate that its near-term trajectory will closely follow developments in the Middle East and the minutes from the Federal Reserve’s meeting later on Wednesday.
On the Johannesburg Stock Exchange, the Top-40 index was down 1.3%. Additionally, South Africa’s benchmark 2035 government bond weakened, with its yield rising 7.5 basis points to 8.305%.
On Thursday, 9 July 2026, the rand was trading at R16.39 to the dollar, R21.95 to the pound, and R18.72 to the euro. Gold is trading at $4,061.01 an ounce, while oil prices were at $78.92 a barrel.
5 important things happening today
R1.7 billion megabridge: The Msikaba Bridge, located near Lusikisiki in the Eastern Cape, is one of two major projects under construction. It aims to reduce travel times between the Eastern Cape and KwaZulu-Natal. Once completed, it will be the longest span cable-stayed suspension bridge in South Africa, according to SANRAL. [TopAuto]
Top private school in hot water: Bishops Diocesan College traditionally displayed only its own flag, the South African flag, and the St George’s flag. The recent addition of the LGBTQ+ Pride flag has sparked controversy, with some conservative parents and Old Diocesans claiming it undermines the school’s Anglican traditions and forces a connection to the political Pride movement, which many students oppose. [Newsday]
Big allegations against new DStv owner: A MultiChoice insider has alleged that the company’s new owner, Canal+, has breached the Competition Commission’s three-year moratorium on retrenchments. [MyBroadband]
Proposal to change the official petrol price every two weeks: South Africa could move away from its long-standing monthly fuel price adjustment, following a proposal to introduce bi-weekly price changes to better respond to rapid swings in global oil markets. [BusinessTech]
Warning to South Africans living in small towns: The National Treasury’s decision to pause equitable share transfers to 69 municipalities in South Africa could affect service delivery, particularly in smaller, more rural towns. While the Treasury’s decision is considered a necessary move to instil fiscal discipline, it may impact smaller municipalities’ ability to pay critical service providers. [Daily Investor]
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