The rand declined in early Tuesday trading, mainly due to a drop in precious metal prices as investors await US jobs and inflation data later this week.
These figures may provide insights into the Federal Reserve’s interest rate plans. The rand traded at 15.95 against the dollar, a 0.3% decrease from Monday’s close.
Gold and other key South African exports, including platinum, experienced trading activity.
Gold fell 0.8% on Tuesday after two days of gains, remaining above $5,000 per ounce. Meanwhile, spot platinum declined 2.3% to $2,075.18 per ounce.
This week, South Africa hosts an annual mining conference in Cape Town from February 9-12, which will gather top mining investors and government officials to discuss the sector’s outlook.
The country’s statistics agency is set to release December mining and manufacturing data on Thursday.
On the Johannesburg Stock Exchange, the Top-40 index was down 0.3% in early trading.
As of Wednesday, 4 February, the rand is trading at R15.88 to the dollar, R21.71 to the pound, and R18.93 to the euro. Gold is currently valued at $5,062.53 per ounce, while oil prices have risen to $69.14 per barrel.
5 important things happening in South Africa today
Warning about new SARS commissioner: Experts and political parties have warned that the new SARS commissioner must be chosen from within the organisation, or else the progress made by SARS could be jeopardised. Kieswetter, who regained SARS’s credibility and public trust following years of state capture, will step down in April 2026. He was appointed in 2019. [Newsday]
Eskom upsets business leaders: South Africa’s business leaders have warned that Eskom’s revised unbundling plans jeopardise billions in national grid investments. The leaders have pressured Ramaphosa to weigh business concerns against supporting his electricity minister, Kgosientsho Ramokgopa, who approved the controversial strategy in December. [TimesLive]
South Africa’s biggest airline up for sale: South African private equity firm Harith General Partners is set to acquire budget airline FlySafair as it expands its transport investments across the continent with its $3 billion assets. The transaction, involving the country’s largest airline, is nearing completion and awaiting approval from regulators, including antitrust agencies and two licensing authorities, according to Harith Chairman Tshepo Mahloele. [BusinessTech]
Management changes at Nedbank: Mr Peter Wharton-Hood has been appointed as an Independent Non-executive Director, starting from 3 March 2026. He will also join the Nedbank Group Credit Committee and the Large-exposure Approval Committee from the same date. [DailyInvestor]
Joburg CEO in hot water: Themba Mathibe, CEO of Johannesburg Social Housing Company (JOSCHO), allegedly paid R1 million to a subcontractor for a wall that was never built. Police confirmed that during his arrest at his Sandton-area home, he was found with a large sum of cash. Mathibe appeared in Alexandra Magistrates Court in January and is presently free on R50,000 bail. [EWN]
