News 14:00

BULLETIN 6 August 2 pm

Good afternoon. I am……..

In this bulletin:

# The South African rand holds steady as markets await signs of a US-Iranian deal
# Difficult growing conditions reduce the citrus export outlook
# And rugby: Hefty price tags for Bok supporters’ jerseys for the All Blacks’ visit

# The South African rand held steady against the US dollar in early trade as investors kept a close watch on developments in the Middle East. A weaker dollar and lower oil prices supported the local currency, while hopes of progress towards a US-Iranian peace agreement lifted market sentiment. Traders are also awaiting key US jobs data later this week for clues on the direction of interest rates. South Africa’s benchmark government bond strengthened slightly as yields edged lower in early trading.

Union federation Cosatu has meanwhile expressed concern about the impact of the further increase in diesel prices, saying this is a painful blow that millions of struggling workers and commuters cannot afford. Diesel prices have increased by up to one-rand-38-cents per litre. Cosatu’s Matthew Parks says government’s earlier temporary fuel levy suspension provided invaluable relief, but they fear workers, society and the economy will not manage continuous diesel price hikes:

# The Citrus Growers’ Association of Southern Africa has lowered its 2026 export forecast to 205.3-million 15-kilogram cartons, down from 209.4 million. The industry says floods, rising input costs and conflict in the Middle East have disrupted production, shipping and key export markets. Delays at the port of Durban have added further pressure during the peak export period. Despite challenges, lemon exports are expected to exceed initial estimates, while orange, grapefruit and mandarin forecasts have been revised downward.

# COPE has reiterated its call for president Cyril Ramaphosa to fire suspended Police minister Senzo Mchunu. Investigating Directorate against Corruption prosecutor Drushanta Ramsamy told the Madlanga commission Mchunu flew a witness to the Eastern Cape to give evidence to IDAC chief investigator Dylan Perumal, in relation to an alleged tender procurement irregularity within Crime Intelligence. COPE chairperson, Pakes Dikgetsi, says this shows Mchunu interfered with an IDAC investigation:

# Rugby: The special Springbok supporters’ jersey for the Rugby’s Greatest Rivalry against the All Blacks will have a hefty starting price of 999-rand. There will also be a stadium version which would sell for between one-thousand-400- and one-thousand-500-rand each. SA Rugby announced the jerseys will be on sale to the public from today. The union earlier admitted it was struggling to sell tickets for the All Blacks matches against the four South African United Rugby Championship teams, presumably because of high prices.

# And the financial indicators: The dollar trades at 16-rand-30-cents and the euro at 18-rand-81-cents. One British pound costs 21-rand-95-cents and Bitcoin trades at 64-thousand-605-dollars. Gold sells at four-thousand-267-dollars-26-cents a fine ounce and Brent crude oil is quoted at 83-dollars-48-cents a barrel.

Stay tuned for more news………….