Top ANC minister in deep trouble, and hackers hit South African companies for R5 million each
The rand weakened by nearly 2% last week, primarily due to a stronger dollar and rising global bond yields, as investors are reducing their exposure to riskier assets.
This was influenced by higher US Treasury yields, which continue to weigh on emerging market assets. On Thursday, the rand dropped approximately 1.5% despite supportive domestic data.
This included lower-than-expected producer inflation, a trade surplus that exceeded forecasts, and a survey indicating an improvement in manufacturing sentiment after three months of contraction.
Analysts noted that higher US bond yields pose a challenge for emerging and frontier markets, as they tend to attract capital away from riskier investments.
This puts pressure on local currencies. They also warned that a prolonged selloff in bonds could trigger a deeper correction in global equity markets.
The rand has depreciated for four consecutive weeks and is on track for its sharpest decline during this period, while the dollar is poised for a third consecutive weekly gain.
Investor attention is likely to focus on the US payrolls report scheduled for later in the day, with expectations that job growth may have slowed in September.
ETM Analytics mentioned that a strong jobs report could ease market concerns and support the rand. [Reuters]
On Sunday, 4 October 2026, the rand was trading at R16.66 to the dollar, R22.02 to the pound, and R18.71 to the euro. Gold is trading at $4,140.80, while oil prices were at $102.30 a barrel.
5 important things happening in South Africa today
Top ANC minister in deep trouble: A forensic report has recommended former police minister Bheki Cele be criminally prosecuted for allegedly receiving unlawful benefits, including luxury penthouse stays and cash, from Vusimusi “Cat” Matlala’s companies. [TimesLive]
Hackers hit South African companies for R5 million each: The median South African ransom payment in 2026 was R5.01 million, while the average demand was R7 million. However, the average cost of recovering from a ransomware attack in South Africa was R17.73 million, excluding ransom payments. [Daily Investor]
Dirty diesel warning: South African motorists are being warned of a rise in adulterated fuel as the country heads towards record-high diesel prices at the pumps. [BusinessTech]
Eskom employee sentenced to 10 years’ imprisonment: A former Eskom employee, Cinderella Thabisile Muropane, was sentenced to 10 years’ imprisonment over a R1.8 million fraudulent invoice scheme. [Newsday]
Financial pressure is forcing customers to change their shopping habits: South African households are shopping more often but buying fewer items, focusing on selective grocery spending. The FMCG market reached R422 billion in June 2026, growing 2.3% in value and 1.3% in volume. Overall consumption remained flat. [Business Day]
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