South Africa’s richest man gives 24,000 people houses and land, and South African brothers lose R1.58 billion in 10 months
The rand remained stable on Wednesday amidst uncertainty surrounding US-Iran talks, which impacted investor risk appetite.
Additionally, a business survey revealed a decline in domestic factory activity for June. The rand traded at 16.3725 against the dollar, little changed from its previous close.
South Africa’s manufacturing sentiment weakened in June due to reduced demand, which affected new orders. However, declining oil prices improved confidence in future business conditions.
The PMI survey indicated a significant drop in purchasing prices, suggesting that April and May might have marked the peak of price pressures, particularly following the domestic fuel price cuts that took effect on Wednesday.
Since the onset of the Iran war in late February, the rand has been influenced by global market sentiment.
Data from South Africa’s auto association, NAAMSA, showed that new vehicle sales increased by 15.3% year-on-year in June, up from 12.8% in May.
On the Johannesburg Stock Exchange, the Top-40 index was down by about 0.5%. Meanwhile, South Africa’s benchmark 2035 government bond showed improvement, with the yield declining by 4 basis points to 8.255%.
On Thursday, 2 July 2026, the rand was trading at R16.38 to the dollar, R21.78 to the pound, and R18.66 to the euro. Gold is trading lower at $4,055.53 an ounce, while oil prices were at $70.89 a barrel.
5 important things happening
Rupert and others gave 24,000 people houses and land in South Africa: As of June 2026, Billionaire Johann Rupert and the Khaya Lam land reform project have completed 24,000 title deed transfers, giving land and housing for underprivileged South Africans. On 2 July 2026, the Free Market Foundation announced Rupert’s recapitalisation of the project. [Daily Investor]
South African brothers lose R1.58 billion: Blu Label Unlimited founders Mark and Brett Levy have lost over 50% of their wealth in less than a year due to a decline in their company’s share price. [Newsday]
New driving laws, fines and penalties: President Cyril Ramaphosa announced that the Administrative Adjudication of Road Traffic Offences Act (AARTO) will be implemented in 62 municipalities across South Africa, with the rollout effective 1 July. [BusinessTech]
Backlash over new Minister appointment: Corruption Watch and several political parties have criticised President Ramaphosa for appointing disgraced Dina Pule as social development minister, urging the ANC to explain her return after ethics violations. [Daily Maverick]
Good news for Capitec customers: Capitec has opened 49 new branches offering smart ID applications since June 18, 2026, bringing the total to 127 nationwide. This includes locations in rural areas like Mankweng and Mokopane in Limpopo, as well as urban and peri-urban regions. [MyBroadband]
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