Trouble for Please Call Me idea-man, and fight brewing over rooftop solar in South Africa
The rand strengthened in early trade on Tuesday, supported by a rebound in commodity prices.
This movement pushed it below R16.00 per dollar, with the rand trading at R15.92 per dollar, approximately 1% stronger than its previous close.
“It was a volatile day yesterday with the rand touching above 16.20 and trading below 16.00. Overnight, we have also seen a bounce back in commodity prices, which has helped the rand back below 16.00,” said experts.
Gold and silver prices increased on Tuesday, recovering from their largest two-day decline in decades following the nomination of Kevin Warsh as the next chair of the US Federal Reserve.
This news had previously stalled the metals’ remarkable rally.
Despite the significant drop in gold and silver prices, analysts remain optimistic about the continuing bull market for these metals, anticipating that they will reach new record highs later this year.
“Precious metals are all trading firmer this morning, pulling commodity currencies like the rand and Aussie dollar stronger, and seeing the dollar give back some of the last 2 days’ gains,” said analysts.
The dollar decreased by 0.2% against a basket of currencies.
On the Johannesburg Stock Exchange, the Top-40 index rose by 1.03% during early trading.
As of Wednesday, 4 February, the rand is trading at R15.92 to the dollar, R21.84 to the pound, and R18.84 to the euro. Gold is currently valued at $5,081.52 per ounce, while oil prices have risen to $67.87 per barrel.
5 important things happening in South Africa today
Trouble for Please Call Me idea-man: Black Rock Mining has asked Advocate Liezl Haupt, chairperson of the Pretoria Society of Advocates, to appoint an arbitrator for its dispute with Nkosana Kenneth Makate. Makate, who developed the “Please Call Me” service for Vodacom, recently secured an estimated R500 million settlement from the company. Black Rock’s request follows the expiration of a seven-day period for Makate’s attorneys to agree on proposed arbitrators or suggest alternatives. [MyBroadband]
Households advised to ignore Eskom: Energy analyst Chris Yelland has advised South African households to disregard Eskom’s threats regarding the registration of residential solar PV installations. He shared his views in an interview with OUTA CEO Wayne Duvenage, discussing Eskom’s intensified campaign to ensure compliance with the registration of these systems. [Newsday]
Corporate credit boom expected: South African banks are approaching a lending cycle that could be the most robust in seven years. Analysts predict that lending will rise by 8%-9% in 2026. At the higher end of this estimate, it suggests that R529 billion in new loans will be infused into the economy, providing a significant boost for renewable energy, logistics, and infrastructure projects.[BusinessDay]
Parts of Pretoria without power: On the morning of Tuesday, February 3, as the Tshwane mayor outlined a strategy to stabilise the city’s electricity supply, numerous business owners and their employees in significant portions of the Silvertondale industrial area were left idle. This marked the fifth day of the ongoing power outage, with no signs of when power would be restored.[Moneyweb]
Good news for petrol prices: The Department of Petroleum and Mineral Resources has published the official fuel price adjustments that will take effect on Wednesday, 4 February 2026. Petrol users will see prices decrease by 65 cents per litre, while diesel drivers will see a cut of between 50 and 57 cents per litre. [BusinessTech]
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