5 important things happening in South Africa today

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

  • JSE woes: Investors in the JSE have only seen feeble returns for the last 12 to 18 months, with the JSE Top 40 index sitting 11% lower than at the beginning of January. Despite this, trading data revealed that investors are not panicking yet, with monthly trading volumes remaining consistent. The data showed that trade is likely to close to the average of R400 billion per month over the last ten years at the end of June. [Moneyweb]

  • Tobacco too late: The Supreme Court of Appeal (SCA) has ruled that the ban on tobacco products in 2020 infringed fundamental rights, was ineffective and based on faulty science. The ruling comes two years after the government instituted the ban as part of its nationwide Covid-19 lockdown. The minister of cooperative governance, Nkosazana Dlamini-Zuma, said that the government is studying the SCA’s ruling and waiting to decide on its next steps. [News24] [EWN]

  • Africa’s largest asset manager: The Public Investment Corporation (PIC) is planning to significantly increase its unlisted investments to 25% in line with international trends. The PIC is Africa’s largest asset manager with R2.3 trillion under management. It is making a shift toward more private equity in the form of venture capital and property portfolios. This follows the recent suspension of the corporation’s chief operating officer, Vuyani Hako, over allegations of alleged misconduct. [BusinessLive]

  • Corporal punishment: The South African Council for Educators has been taken to court after lenient sanctions were imposed on two teachers who assaulted learners aged 7 and 10 in 2015, sparking a debate around corporal punishment in schools. NGO Section27 and the Centre for Child Law argue that measures in place to rehabilitate teachers found guilty of using corporal punishment – which is illegal in terms of section 10 of the Schools Act – are inadequate. [Daily Maverick]

  • Markets: The South African rand strengthened on Tuesday as the dollar consolidated gains near a 20-year peak in anticipation of aggressive interest rate hikes. Domestically, BNP Paribas senior economist Jeff Schultz said that they are not ruling out a possible 75 basis point hike in either July or September in the event of more acute rand weakness.  The rand is currently trading at R16.01/$, R16.69/€ and R19.21/£. [Nasdaq]

Must Read

Partner Content

Show comments

Trending Now

Follow Us

5 important things happening in South Africa today