Zuma rushed to hospital, and new BEE laws ruled invalid in South Africa
The rand continued to decline on Wednesday, influenced by a stronger US dollar and rising oil prices, which reduced interest in risk-sensitive assets.
The rand was trading at 16.7025 against the dollar, down 1% from its previous close and 0.7% weaker than its morning levels.
The US dollar was last seen 0.5% stronger against a basket of currencies as investors awaited the minutes from the Federal Reserve’s September meeting for insights into future interest rate decisions.
Oil prices have increased, with Brent futures remaining above $100 per barrel amid ongoing supply risks in the Middle East and an approaching storm over oil-producing regions in the US.
On Tuesday, South Africa’s central bank warned that the risk of second-round inflation effects had intensified, driven by prolonged high oil prices and uncertainties related to El Niño.
The rand has weakened by about 3.5% over the past month, largely due to high petroleum imports—particularly diesel—that have sustained demand for dollars and heightened the currency’s sensitivity to oil prices.
On the Johannesburg Stock Exchange, the Top-40 index was down 2%. South Africa’s benchmark 2035 government bond weakened, with its yield rising by 4.5 basis points to 8.85%. [Reuters]
On Thursday, 7 October 2026, the rand was trading at R16.63 to the dollar, R21.97 to the pound, and R18.64 to the euro. Gold is trading at $4,132.41, while oil prices were at $102.30 a barrel.
5 important things happening in South Africa today
Zuma in hospital: Former president Jacob Zuma has been hospitalised after a campaign event in Umsinga. A source from the uMkhonto weSizwe Party stated that the extreme heat could have affected the 84-year-old. The reason for his hospitalisation remains unclear. [Mail & Guardian]
High Court blow to BEE legal sector codes: Trade, Industry & Competition Minister Parks Tau faced a setback as the Pretoria High Court invalidated the broad-based BEE (BBBEE) legal sector code intended to transform the legal sector. This ruling means law firms will no longer be rated under this code, which they claimed imposed “impossible targets.” [Business Day]
Another massive petrol price increase on the cards: Just as petrol and diesel prices in South Africa have hit their highest-ever levels, early recovery data from the CEF is already raising the alarm for another R4.60/litre hike in November. [BusinessTech]
DStv cutting channels: Pay-TV giant MultiChoice is removing five channels from its optional Add Indian package for DStv customers, effective 31 October 2026. As a result of these changes, five channels in the R280 add-on would be removed by the end of this month. [MyBroadband]
Tables turn on Finance Minister Enoch Godongwana: Finance Minister Enoch Godongwana faces one of his toughest Medium-Term Budget Policy Statements (MTBPS) in his five-year tenure in charge of South Africa’s finances. [Daily Investor]
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