Bad news for anyone paying for DStv, and Absa loses R14 billion in one day
The rand remained stable on Tuesday as markets observed anti-immigration demonstrations across South Africa for any signs of disruption to economic activity in Africa’s largest economy, while also processing new domestic economic data.
The rand traded at 16.3925 against the dollar, showing little change from its previous close.
Andre Cilliers, a currency strategist at TreasuryONE, noted that a peaceful day could allow the rand to recover further, while any escalation may quickly reverse recent gains.
Regarding domestic data, South Africa recorded a trade deficit of R1.79 billion in May, and National Treasury figures indicated a budget deficit of R14.62 billion for the same month.
The South African Reserve Bank reported that foreign direct investment inflows totalled R20.3 billion in the first quarter of 2026.
A survey commissioned by the bank showed that inflation expectations rose sharply in the second quarter. The petroleum ministry announced that fuel prices would decrease in July as global crude oil prices eased.
On the Johannesburg Stock Exchange, the Top-40 index fell by about 0.2%. South Africa’s benchmark government bond maturing in 2035 weakened, with the yield increasing by 6 basis points to 8.285%.
On Wednesday, 1 July 2026, the rand was trading at R16.42 to the dollar, R21.74 to the pound, and R18.73 to the euro. Gold is trading lower at $3,974.22 an ounce, while oil prices were at $73.22 a barrel.
5 important things happening
DStv cuts premium shows: DStv customers in South Africa have lost access to virtually all major HBO and first-run Warner Bros. Discovery shows, which its new owner attributed to ongoing licensing and distribution agreements. [MyBroadband]
Absa loses R14 billion: Absa shaved off more than R14 billion from its market cap on Tuesday, 30 June, when its share price plunged by more than 6% following the release of a disappointing trading update. [Daily Investor]
Ramaphosa announces cabinet reshuffle: President Cyril Ramaphosa has announced changes to the executive, largely implementing changes requested by the Democratic Alliance, and bringing a disgraced former minister back into cabinet. [BusinessTech]
Popular Stellenbosch market shuts down: The popular Stellenbosch market, Root44, has announced that it will be shut down until further notice. [Newsday]
Blow to government medical aid members: The medical schemes regulator has rejected GEMS’s request to lower its average contribution increase to 7.5%, stating that it contradicts industry best practices and the scheme’s own actuaries’ advice. [Business Day]
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