R1.5 billion shopping mall collapsing in plain sight, and Isuzu sends a warning to the government
The rand rose slightly in early trading on Friday, supported by a weaker dollar as global risk appetite remained cautious due to ongoing tensions in the Middle East.
The rand was trading at 16.2875 against the dollar, up approximately 0.3% from its previous close. Meanwhile, the dollar index, which measures the dollar against a basket of currencies, was down about 0.1%.
Asian emerging markets also showed gains across the board, benefiting from reduced expectations of US Federal Reserve interest rate hikes, which have put pressure on the dollar.
“Heading into the weekend, with little economic data ahead, much of the market direction will depend on developments in the Middle East, the performance of global equity markets, and overall risk appetite,” ETM Analytics noted.
Like other risk-sensitive emerging-market currencies, the rand has been influenced by global market sentiment, especially since the US-Israeli conflict with Iran escalated on 28 February.
Additionally, South Africa’s benchmark 2035 government bond was stable in early trading, with yields decreasing by 5 basis points to 8.325%.
5 important things happening today
Shopping mall collapsing in plain sight: Forest Hill City Shopping Centre in Centurion has failed to achieve a turnaround despite exiting business rescue in 2022. The mall now stands largely empty, with parts of the shopping centre completely closed off, while other parts show signs of deterioration. [Daily Investor]
Isuzu sends a warning: Isuzu has warned the government about the urgent need to extend energy price relief to various industrial sectors. Isuzu President Billy Tom said that rising electricity costs (up 700% since 2007) are harming competitiveness. [BusinessDay]
New fuel rationing: The Department of Mineral and Petroleum Resources has published a draft policy proposing mandatory strategic stockholding of liquid fuel products in South Africa to avoid a total supply disruption. [MyBroadband]
New bank coming to South Africa: First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, has confirmed that it intends to apply for a South African banking licence. [BusinessTech]
Petrol pain: Motorists are paying up to R428 more to fill up their cars than they were at the start of the year. While South Africa got off to a great start in 2026 with its lowest petrol price in four years, the year has been plagued by multiple price hikes that caused fuel prices to reach a new record high. [TopAuto]
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