Takealot changing its name, and a South African taken hostage by terrorists right next door
The South African rand remained stable on Tuesday, as traders dismissed the country’s first economic contraction in almost two years during the second quarter.
This contraction was driven by the impact of the war in Iran on domestic demand and by weaknesses in the mining and manufacturing sectors.
It showed that the economy contracted by 0.2% on a seasonally adjusted quarter-on-quarter basis, according to data from Statistics South Africa.
Experts indicated that the weak economic performance was the result of higher energy costs related to the war in Iran, but they were cautious about labelling it as the beginning of a prolonged downturn.
Investec economist Lara Hodes noted that the second-quarter GDP reading reflects a fragile domestic economy, constrained by high fuel costs.
The ongoing situation in the Middle East has worsened the country’s weak growth, which is already impeded by structural issues.”
Attention will now shift to the upcoming figures on the current account, mining, and manufacturing, which are scheduled for release on Thursday.
These figures are expected to provide further insights into the health of Africa’s most industrialised economy.
On the Johannesburg Stock Exchange, the Top-40 index showed little change. South Africa’s benchmark 2035 government bond weakened, with the yield rising by 5 basis points to 8.625%. [Reuters]
On Wednesday, 9 September 2026, the rand was trading at R15.99 to the dollar, R21.67 to the pound, and R18.59 to the euro. Gold is trading at $4,385.52, while oil prices were at $99.07 a barrel.
5 important things happening today
Takealot changing its name for a month: For the first time in its 15-year history, Takealot said it is changing the name on its iconic delivery boxes. To celebrate Heritage Month, Takealot will put its name translated into one of South Africa’s 12 official languages on its delivery boxes. [Daily Investor]
South African taken hostage by terrorists: The South African government is reportedly working with Mozambican authorities after a South African machanic was taken hostage during an attack by Islamist insurgents in neighbouring Mozambique. [Newsday]
Trouble for ID and passport applications at bank branches: South Africans are struggling to get appointment slots for passport applications via the bank-based eHome Affairs service. The issue has become so severe that many who have dealt with it advise that people renewing their passports should rather deal with the queues at their nearest Home Affairs branch. [MyBroadband]
Extra public holiday offical: [BusinessTech]
War over Mandela’s belongings being sold in New York: A handmade key from Robben Island, valued at R21 million, sparked a dispute in the Constitutional Court as the South African Heritage Resources Agency seeks to block its sale and the auction of 28 other Nelson Mandela items in New York. [Business Day]
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