Dark clouds for MTN, and new laws to give government more power over schools under fire
The rand stayed strong on Tuesday, close to a five-month high, despite the release of weak employment and manufacturing data.
The rand traded at 16.18 to the dollar, with little change from its previous close and close to its strongest since 2 March.
The currency was supported by weak U.S. job market data, which quelled fears of interest rate hikes and reignited risk appetite.
U.S. consumer price data and producer price figures are due this week and will give further clues on the Federal Reserve’s approach down the line.
The rand will largely take cues from foreign currency movements, like other risk-sensitive currencies, as well as domestic data.
South Africa’s official unemployment rate rose to 33.6% in the second quarter of the year, a 0.9% rise from the start of 2026.
Separately, manufacturing output fell by 1.7% year-on-year in June, after already decreasing in May.
South Africa’s benchmark 2035 government bond weakened, dropping by 11.5 basis points to a yield of 8.42%.
On Tuesday, 11 August, 2026, the rand was trading at R16.19 to the dollar, R21.87 to the pound, and R18.68 to the euro. Gold is trading at $4,401.10 an ounce, while oil prices were at $89.45 a barrel. [Reuters]
5 important things
New regulations threaten schools across South Africa: An education researcher has warned that the new Bela regulations could undermine schools’ autonomy. [NewsDay]
Iran delivers blow to MTN earnings: In a recent trading statement, MTN said that there would be significant changes to its earnings, largely due to its overseas operations. [MyBroadband]
One in three South Africans cannot find work: The latest unemployment data shows that 33.6% of South Africans are left without a job. [DailyInvestor]
City Power battles 6,000+ outage calls as Joburg cold snap drives up demand: The recent cold snap has put pressure on Johannesburg’s service delivery, leaving many without power. [ENCA]
New mandatory electricity meter rollout in Cape Town: A mandatory meter replacement programme will be taking place in Cape Town over the coming months. [BusinessTech]
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