5 important things happening in South Africa today

 ·7 May 2024

Here’s what is happening in and affecting South Africa today:

  • Another ‘lost decade’ for South African equities predicted: Ninety One, South Africa’s largest asset manager, predicts a challenging decade ahead for the JSE, following a “lost decade” where over R700 billion in SA equities were sold by foreign investors. Domestic investors, meanwhile, have shifted towards offshore equities due to regulatory changes. John Biccard of Ninety One highlighted that the JSE’s all-share index only achieved a 2% annual return in dollars over the past decade. He anticipates that the upcoming decade could mirror the previous one’s underperformance. [Business Day]

  • George building collapse: Throughout the night, emergency response teams were actively engaged in rescuing construction workers trapped under the debris of a multi-storey building that collapsed in George, located along the Garden Route. The George municipality, as of 5:15 am on Tuesday, reported that four individuals had been confirmed deceased. Additionally, 24 workers have been located and are currently receiving medical treatment. Despite these efforts, 51 workers remain missing. [Times Live]

  • Filipino port giant not deterred by court challenge: International Container Terminal Services International (ICTSI) is set to proceed with its plans to upgrade and expand the Durban Port, despite facing a court challenge from a competitor. ICTSI’s global corporate head, Christian Gonzalez, confirmed their commitment to moving forward with the project after winning a 25-year contract last July to manage the Durban Container Terminal (DCT) Pier 2. “As far as we’re concerned, unless the courts tell us otherwise, it’s full speed ahead.” [News24]

  • eThekwini families charged for “free” municipal water: Drivers of water trucks owned by a private company which has a tender to deliver free water to eThekwini residents in areas with limited or no running water on behalf of eThekwini Municipality, are selling that water to residents. [GroundUp]

  • Markets: The rand was stronger on Monday against a weaker dollar, as market confidence gained on bets of U.S. interest rate cuts this year, analysts said. On Tuesday (7 May), the rand was trading at R18.51 to the dollar, R23.21 to the pound, and R19.92 to the euro. Oil is trading at $83.47 a barrel. [Reuters]
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