Dischem loses R7 billion, and warning to anyone who still uses ATMs
The rand was steady on Tuesday, despite rising tensions in the Middle East and lower gold prices weighing on the currency.
The rand was trading at 16.23 on Tuesday, with little change from its previous close.
The dollar was also steady against a basket of currencies, while gold, a key South African export, saw its prices drop.
The drop came from escalating tensions in Iran, which weighed on inflation worries and impacted non-interest-bearing gold prices.
Prospects for a diplomatic solution to the war in Iran were dampened, as U.S. President Donald Trump said Tehran was unlikely to accept the terms needed for a ceasefire.
The five-month conflict has weighed heavily on the world’s energy prices and stoked inflation concerns since near the start of the year.
Investors in South Africa will be anticipating the release of July’s inflation data from Stats SA, with economists forecasting a drop from May’s 5%.
Data released on Tuesday showed that South African business confidence had increased in July, although price pressures and global uncertainty weighed on the sentiment.
South Africa’s benchmark 2035 government bond was slightly weaker, as the yield rose by 5 basis points to 8.52%.
On Wednesday, 19 August 2026, the rand was trading at R16.24 to the dollar, R22.00 to the pound, and R18.82 to the euro. Gold is trading at $4,348.81 an ounce, while oil prices were at $91.58 a barrel. [Reuters]
5 important things
Dis-Chem loses R7 billion in three months: Dis-Chem has seen a significant drop in its market cap since the end of May 2026 as the Saltzman family relinquished control of the company. [Newsday]
FNB warns of trick criminals use to steal bank cards in South Africa: FNB head of card payments, industry, and fraud, Chris Boxall, has warned of a fraud threat targeting South African banking customers who use physical cards at ATMs. [MyBroadband]
Major university in South Africa shuts down with immediate effect: CPUT has initiated an emergency evacuation of all its residences and closed all campuses following an arson attack, ending academic activity with immediate effect. [BusinessTech]
Millionaire town collapsing in front of everyone’s eyes: The Knysna Local Municipality in the Western Cape is facing systemic collapse amidst an escalating governance crisis. [DailyInvestor]
New transport laws for South Africa take effect: The Transport Appeal Tribunal Amendment Act has been put into effect in South Africa, making sweeping changes intended to more easily resolve tribunal disputes. [TopAuto]
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