Fikile Mbalula in hot water, and petrol price surprise for South Africa
The rand stayed resilient on Monday after a manufacturing survey showed that sentiment had deteriorated in July.
The rand was trading at 16.52 against the dollar on Monday, up approximately 0.3% from its previous close.
Manufacturing sentiment weakened in July, particularly due to weak export demand and concerns about the ongoing conflict in the Middle East.
The index showed a downbeat forecast, with expected business conditions in six months dropping from 56.6 to 49.3.
South Africa’s automotive industry released data showing that new vehicle sales increased by 11.9% year-on-year in July, down from 15.3% in June.
Nedbank economists had expected this data to reach 9.2% in July, due to a previously high base and difficult economic conditions.
South Africa’s benchmark 2035 government bond strengthened slightly, with the yield falling 10.5 basis points to 8.475%.
On Tuesday, 04 August, 2026, the rand was trading at R16.50 to the dollar, R22.16 to the pound, and R19.00 to the euro. Gold is trading at $4,064.01 an ounce, while oil prices were at $84.98 a barrel. [Reuters]
5 important things
Serious allegations against Fikile Mbalula buying votes: ANC stalwart Nkosazana Dlamini-Zuma said that Fikile Mbalula openly paid money for votes at the ANC’s 2022 National Conference. [Newsday]
Petrol price surprise for South Africa: Petrol prices will unexpectedly come down by 52 cents per litre in August, offering some relief to motorists. Diesel prices, however, are rising by over R1 per litre. [DailyInvestor]
Eskom municipal debt reaches R119 billion: Eskom chairman Mteto Nyati said that municipal arrear debt owing to the power utility had reached R119 billion, during the endorsement of the EERT’s new report. [MyBroadband]
South African property giant buys R2 billion shopping mall: Retail real estate investment trust Hyprop Investments has acquired the Galleria Burgas Mall, a shopping centre on Bulgaria’s east coast, for about R2 billion. [BusinessTech]
Aussie diggers target ‘world-class’ gas fields in Mpumalanga: Australian-based Kinetiko Energy Group is looking to pump commercial gas supplies to South African industries in Mpumalanga by the end of next year. [Daily Maverick]
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