Top South African retailer loses R10.5 billion, and good news for anyone paying for internet
The rand dropped over 1% in early trading on Thursday following US President Donald Trump’s announcement of intensified military actions against Iran, which unsettled investors who had anticipated a swift resolution to the conflict.
The rand was valued at 17.0250 against the dollar, reflecting a 1.3% decline compared to the previous closing price.
In his prime-time address on Wednesday night, Trump indicated that the United States would be undertaking aggressive strikes on Iran in the upcoming two to three weeks, claiming that the “main strategic objectives” in the conflict were nearing completion.
This development led to an increase in both the US dollar and oil prices, reducing demand for emerging market currencies and raising inflation concerns in energy-importing nations like South Africa.
The rand has been influenced by global market sentiments since the onset of the war between the US, Israel, and Iran, which began in late February.
Analysts suggest that while the rand experienced a strong performance in 2025 and entered 2026 on a positive note, it has become susceptible to a correction.
Meanwhile, South Africa’s benchmark 2035 government bond remained stable in early transactions, with a yield of 8.885%.
As of Tuesday, 7 April, the rand is trading at R16.88 to the dollar, R22.34 to the pound, and R19.48 to the euro. Gold is currently valued at $4,654.11 per ounce, while oil prices have risen to $111.1 per barrel.
5 important things happening in South Africa today
Top South African retailer loses R10.5 billion in four months: Mr Price’s shareholders responded negatively to the December 2025 acquisition of NKD Group, with the share price falling nearly 15% from December 10, 2025, to April 1, 2026. This decline resulted in a market cap loss of about R10.5 billion, exceeding the R9.5 billion spent on NKD. [DailyInvestor]
Good news for internet users: The latest Cost of Living report from the Competition Commission reveals that prices for wired and wireless Internet services remain below South Africa’s overall inflation rate. From 2020 to 2025, wired Internet inflation is just under 15%, while wireless Internet inflation has stabilised at around 2% beyond 2025. [MyBroadband]
Eskom asks for tariff relief: Eskom has requested the National Energy Regulator of South Africa (Nersa) to provide temporary tariff relief for Transalloys, the last manganese smelter in the country. This request comes as authorities struggle to support intensive energy users amid a failing energy pricing system that threatens South Africa’s industrial sector. [BusinessDay]
Death toll decrease over Easter: During the Easter weekend, law enforcement set up 321 roadblocks, checked 374,161 vehicles, and arrested over 500 drunk drivers and 93 jaywalkers. There were 291 road deaths recorded, a decrease from 356 in the same period in 2025, with six provinces reporting fewer fatalities. [Mail&Guardian]
Over 30 undocumented passengers found in the Free State: A bus carrying undocumented passengers was intercepted in Bloemfontein after passing through the Beitbridge Border Post with 43 documented passengers, while 32 undocumented migrants were found on board. [ENCA]
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