Woolworths loses R4.9 billion in a single day, and important road in Cape Town to reopen after 3 years
The rand was stable on Wednesday, despite a stronger dollar, supported by a hotter-than-expected US inflation report.
This included hawkish comments from Federal Reserve officials, fueling bets that the US central bank will raise rates next month.
The rand traded at 16.5325 against the dollar, unchanged from its previous close.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, was 0.1% higher at 102.33.
The odds of a half-percentage-point Fed rate hike next month surged on Tuesday after data showed US inflation rose more than expected in October and policymakers signalled a willingness to tighten policy more aggressively.
Traders now see a 100% probability of a rate increase in December, up from 84% before the data, according to the CME’s FedWatch tool.
Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly US monetary policy.
South Africa’s benchmark 2035 government bond was steady in early deals, with the yield at 8.365%. [Reuters]
On Thursday, 12 November 2026, the rand was trading at R16.61 to the dollar, R22.02 to the pound, and R18.40 to the euro. Gold is trading at $3,973.74, while oil prices are at $91.46 a barrel.
5 important things happening in South Africa today
Woolworths loses R4.9 billion in a single day: Woolworths experienced its steepest single-day share price drop since March 2020, driven by stagnant growth in its food business and uncertainty surrounding Country Road’s partnership with the collapsed retailer David Jones. Consequently, the company’s shares closed 8.52% lower at R37.78, erasing R3.45 billion in market value and bringing its total decline over the past year to more than 25%. [Business Day]
Important road in Cape Town to reopen: The City of Cape Town’s Urban Mobility Directorate said the section of Kloof Road between Kloof Nek Road and Round House Road will reopen soon. The project is in its final rehabilitation phase and, if all goes according to plan, the road will reopen by mid-December. It has been closed since a Level-9 storm on 24 September 2023 destabilised the embankment supporting it, making it unsafe to carry a load. [Newsday]
BEE requirements in South Africa being challenged: Business group Sakeliga has launched a legal challenge against strict Black Economic Empowerment (BEE) conditions attached to South Africa’s communications sector. [BusinessTech]
Change for Netflix in South Africa: Video streaming giant Netflix has added the option for Standard and Premium subscribers in South Africa to add extra members to their accounts for R69 per month. [MyBroadband]
Politician salary increases are excessive: COSATU has condemned proposed salary increases for public office-bearers as excessive. The raises stem from a commission, chaired by Land Court Judge President Zeenat Carelse, that recommended a 4% pay hike for all 20,609 office-bearers across the government, judiciary, and traditional leadership. [Mail & Guardian]
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