Social unrest in South Africa turns to violence and looting, and Helen Zille hit with criminal case
The rand was steady on Thursday despite weaker-than-expected manufacturing data, supported by a subdued dollar as investors weigh up the chances of another rate hike in the US.
The rand traded at 16.6149 against the dollar on Thursday, close to its previous close.
South Africa’s manufacturing output fell by 4.3% year-on-year in August, after rising in July, according to Stats SA.
Economists polled by Reuters had expected a 0.6% increase, while Nedbank had forecast a slip back into the negatives after a strong July performance.
The manufacturing industry is under pressure from high input and power costs, while US tariffs and high fuel prices also weigh on production, according to Nedbank.
The dollar was flat against a basket of currencies on Thursday, as investors weighed up the chances of another Federal Reserve rate hike.
This comes after the Fed’s September meeting, where minutes revealed divisions among policymakers over the country’s monetary policy.
This has an impact on the rand, which is sensitive to global factors such as US monetary policy, as well as domestic data.
South Africa’s benchmark 2035 government bond weakened, with the yield rising by 2 basis points to 8.855%. [Reuters]
On Friday, 9 October 2026, the rand was trading at R16.52 to the dollar, R21.88 to the pound, and R18.55 to the euro. Gold is trading at $4,186.95, while oil prices were at $102.80 a barrel.
5 important things happening today
Police, soldiers occupy Soweto after violent anti-illegal immigration protest: Police and soldiers have been brought into Soweto, following violent anti-immigration protests where cars were torched on Thursday. [EWN]
Criminal case opened against Helen Zille: The MK Party has opened a crimen injuria case against the Democratic Alliance’s mayoral candidate for Johannesburg, Helen Zille. [Newsday]
Call for R5.25 cut to petrol and diesel prices in South Africa: The AA has called for the General Fuel Levy to be cut by R3 per litre and the Road Accident Fund Levy to be scrapped. [DailyInvestor]
The dark side of Eskom’s load-shedding victory: Analysis by Frans Cronjé Private Clients and The Common Sense shows that Eskom is supplying a shrinking share of South Africa’s electricity. [MyBroadband]
Absa director resigns with immediate effect: Alpheus Mangale has resigned from his role as an independent non-executive director at Absa, effective 8 October 2026. [BusinessTech]
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