Good news for DStv customers, and the South African chosen to fix ties with the US
The rand appreciated slightly in early Tuesday trading due to a weaker dollar, as oil prices fell below $100 a barrel and signs of potential dialogue between the US and Iran eased concerns about supply risks.
This followed the US military’s decision to block shipping traffic in and out of Iranian ports.
The rand was trading at 16.3625 against the dollar, which represented a 0.4% increase from its previous close.
The decline in oil prices was attributed to ongoing negotiations between Washington and Tehran, while US Vice President JD Vance stated in an interview that the US anticipated Iran would make progress in opening the Strait of Hormuz.
Additionally, gold, a key export for South Africa, rebounded on Tuesday after hitting a near one-week low the previous day.
The US dollar remained steady against a basket of currencies, hovering near its lowest level in over a month. This made gold, priced in dollars, more affordable for holders of other currencies.
South Africa’s benchmark 2035 government bond also strengthened in early trading, with the yield declining by 1.2 basis points to 8.425%.
As of Wednesday, 15 April, the rand is trading at R16.36 to the dollar, R22.20 to the pound, and R19.29 to the euro. Gold is currently valued at $4,826.59 per ounce, while oil is trading at $95.68 per barrel.
5 important things happening in South Africa today
Good news for DStv customers: For the first time in decades, MultiChoice did not increase the price of its DStv products in South Africa on 1 April. [MyBroadband]
South African set to be appointed as ambassador to the US: President Cyril Ramaphosa is set to appoint Roelf Meyer as South Africa’s next ambassador to the United States. The 78-year-old Meyer, a former National Party politician, was instrumental in negotiations that led to the end of apartheid. [BusinessTech]
Private education group takes on City of Joburg: The Independent Institute of Education (IIE) has criticised the City of Johannesburg Metropolitan Municipality for enforcing unfair tariff policies. [TimesLive]
South Africa struggles to follow through: South Africa’s recent investment conference achieved record commitments; however, official data indicates that less than half of previous pledges have been fulfilled and translated into economic activity. [CNBC]
Minimum of R5.2 billion to be a partner of Transnet’s Richard Bay terminal: Domestic and international investors interested in operating Transnet’s Richards Bay Dry Bulk Terminal (RBDBT) must invest at least R5.2 billion to be considered for selection. [BusinessDay]
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