Nedbank in hot water, and what the new ID for South Africans will look like
The rand weakened against a stronger dollar on Thursday, as investors analysed domestic economic data indicating an improvement in manufacturing sentiment and strong vehicle sales.
The rand was trading at 16.5750 against the dollar, down approximately 0.8% from its previous close.
The US dollar index, which measures the dollar against a basket of currencies including the yen and the euro, was up 0.2%.
September saw a boost in South African manufacturing sentiment following three months of contraction, aided by a rebound in new orders, according to a purchasing managers’ index (PMI) survey released on Thursday.
“The September PMI marks a welcome improvement after a weak winter period, particularly given the sharp rebound in new orders,” noted Absa, the South African bank that sponsors the PMI.
Data from Naamsa showed that new vehicle sales rose by 12.7% year-over-year in September, up from 11.4% growth in August.
“South Africa’s domestic new vehicle market has continued to demonstrate notable resilience, defying expectations amid higher borrowing costs, persistent inflationary pressures, and subdued economic growth,” Naamsa said.
On the Johannesburg Stock Exchange, the Top-40 index was down 0.3%. South Africa’s benchmark government bond for 2035 also weakened, with the yield rising by 2.5 basis points to 8.845%. [Reuters]
On Friday, 2 October 2026, the rand was trading at R16.68 to the dollar, R22.03 to the pound, and R18.76 to the euro. Gold is trading at $4,184.90, while oil prices were at $102.30 a barrel.
5 important things happening in South Africa today
Nedbank in hot water: Nedbank’s bid to aggressively repossess an elderly woman’s home in Soweto was halted by the Johannesburg High Court, which rescinded a 2021 judgment. The decision was a win for consumer rights, with the court criticising the bank’s corporate responsibility. [Times Live]
South Africa’s new digital ID: On Thursday, Schreiber, alongside the department, demoed the first live digital ID in South Africa, providing a full picture of how the system will function and how it is linked to the MyMzansi platform. [MyBroadband]
R20 billion upgrades for South African airports: The Airports Company has plans to invest R21.7 billion over the next five years to modernise, upgrade, and expand airport infrastructure across South Africa.[TopAuto]
Discovery medical aid price hikes: Discovery Health Medical Scheme members will pay between 7.4% and 8.9% more for their medical aid from January 2027, and the scheme will also introduce a new lower-cost plan aimed at families. [BusinessTech]
Eskom went R135.4 billion over budget on a power station that is still not completed. Eskom began building Medupi Power Station in 2007 with an approved budget of R105 billion and targeted its completion by 2015. 19 years later, the power station still requires significant work before it is closed out and fully completed. Eskom’s spending on the project has ballooned to R230 billion. [Daily Investor]
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