● The rand hit a 2025 high on renewed confidence: The rand gained strength against the U.S. dollar to its strongest level this year, backed by a wave of positive sentiment. Key drivers included a Goldman Sachs report highlighting the country’s attractive real yields, the JSE CEO suggesting the market’s strong performance merits a ratings upgrade, and renewed commitment from the government to its inflation-targeting policy. While long-term concerns about low economic growth and high national debt remain, the immediate outlook has brightened considerably, attracting positive foreign attention.
● U.S. markets on shutdown aversion and economic strength: U.S. stocks saw a rally early this week, with the Dow Jones Industrial Average crossing the $48,000 mark for the first time. Investor sentiment was boosted by a last-minute deal in Congress to avoid a government shutdown, which removed a major source of economic uncertainty.
● Major moves in the South African telecoms sector: The telecommunications environment saw two developments. Firstly, Cell C announced its shares are now on offer with a firm listing date set, marking its long-awaited return to the public market. Secondly, Vodacom (VOD) announced a partnership with Elon Musk’s Starlink to provide satellite internet across Africa.
● Tiger Brands (TBS) signals stronger profitability ahead: South African consumer goods giant Tiger Brands estimates higher full-year earnings, driven by successful cost-cutting measures and improved margins. The company has effectively navigated inflationary pressures, and its positive outlook suggests that major consumer staples companies are successfully adjusting to the challenging economic environment, which is a positive sign for the broader retail sector.
● South Africa prepares to host the G20 summit: As the host nation for the G20, South Africa is in the final stages of preparation for the Leaders’ Summit scheduled for November 22 - 23 in Johannesburg. This high-profile event places South Africa at the centre of global economic discussions, providing a unique platform to champion issues relevant to emerging markets, such as sustainable development and investment. The successful hosting of the summit is seen as a major opportunity to boost international confidence in the country’s stability and leadership, which could potentially provide further momentum for the rand and the JSE.
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