JSE sends a warning to investors, and South African carmakers in hot water

South Africa’s commodity-backed currency and stocks declined on Wednesday, as investors focused on falling prices of precious metals in the wake of U.S. President Donald Trump’s latest tariff threats. 

The rand was trading at 17.8250 against the dollar, down approximately 0.2% from Tuesday’s close. 

As a major producer of minerals and precious metals, South Africa’s economy is closely tied to global commodity prices.

Investors in the rand, similar to those holding other commodity-linked currencies, will be watching developments from Washington closely. 

Trump announced he would impose a 50% tariff on copper imports, aiming to boost U.S. production of this metal, which is crucial for electric vehicles, military hardware, power grids, and various consumer goods.

On Thursday, 10 July, the rand was trading at R17.80 to the dollar, R24.21 to the pound and R20.88 to the euro. Oil was trading slightly lower at $70.30 a barrel.

Here are five other important things happening in and affecting South Africa today:

JSE warning: The Johannesburg Stock Exchange (JSE) has warned about deep fake videos of its executives on social media. These videos, which falsely feature CEO Leila Fourie and Director of Information Services Mark Randall, promote fraudulent investment schemes aimed at defrauding the public. The JSE is working with relevant platforms to remove these videos. [Daily Investor]

SA carmakers in hot water: Since January, thousands of vehicles have been recalled by car manufacturers due to safety concerns, prompting scrutiny of South Africa’s consumer protection standards. The National Consumer Commission (NCC) has received numerous reports from major carmakers like Toyota, Volkswagen (VW), and Volvo. [Business Day]

Good news about load shedding: South Africa’s power system remains stable despite recent cold fronts, says Minister Kgosientsho Ramokgopa. In his budget vote presentation for the Department of Electricity and Energy, he highlighted priorities such as finalising the gas master plan, improving energy access, and tackling municipal debt. [News24]

New cannabis laws to be finalised: The final regulations for the Cannabis for Private Purposes Act will be completed by March 2026. The Act, which allows adults in South Africa to consume, possess, and cultivate cannabis, was signed by President Cyril Ramaphosa in May 2024. Implementation awaits feedback from relevant departments. [BusinessTech]

A paradise for cybercriminals: Interpol has published its Africa Cyberthreat Assessment Report for 2025, revealing that South Africa is among the top targets for cybercriminals in the region. The report indicates a significant increase in ransomware detections in 2024, with South Africa ranking as the second most targeted nation in Africa, following Egypt. [MyBroadband]