Cape Times 2026-04-09

President Trump announces two-week ceasefire with Iran, brings temporary halt to hostilities Stocks on the JSE yesterday rose to the highest level in more than a month while the rand also strengthened as the markets reacted positively to US President Donald Trump’s announcement of a two-week ceasefire with Iran, bringing a temporary halt to hostilities in the Middle East. The temporary ceasefire had an immediate impact on the domestic market, with the JSE benchmark index surging more than 6% to more than 122,000 index points, the highest since 4 March. Mining stocks led the rally on the bourse, with Impala Platinum rising 16.3% to R268.44 per share, followed by Valterra, which rise 13.1% to R1 598.39 and Northam Platinum at 12.2% to R378.09 per share. Oil prices also fell by…

Two key industries in South Africa, agriculture and mining, face significant cost increases in the months ahead, apart from fuel, due to sharply rising world prices of the chemicals used to manufacture explosives and fertiliser. This was according to Omnia Holding CEO Seelan Gobalsamy, who said Wednesday that the crisis in the Strait of Hormuz and the Middle East had already in some countries resulted in the price of fertiliser increasing by up to 70%. He said in an interview that while these price increases may take some months to materialise in this country as existing stock is used up, the group, as a leading manufacturer of fertiliser and explosives in the SADC, and an exporter to 23 countries, had already taken steps to further diversify its sources of ammonia,…

The National Gambling Board (NGB) has unveiled a new online platform designed to help South Africans identify legally licensed gambling operators, marking a significant step in the fight against illegal betting and consumer exploitation. Launched on Wednesday in Pretoria, the portal provides a centralised, regularly updated database of all authorised gambling operators across the country. Developed in collaboration with Provincial Licensing Authorities (PLAs), the initiative aims to improve transparency and empower consumers to make informed decisions when engaging in gambling activities. The NGB said the platform is part of broader efforts to curb the growth of illegal and offshore gambling operations, which continue to expose users to financial loss, fraud, and limited recourse in disputes. By enabling the public to verify whether an operator is licensed—whether online or land-based—the regulator…

Banking and financial services group FirstRand’s share price shot up 7.14% after it announced plans to exit from its UK bank Aldermore. The share price traded at R93.21 on the JSE on Wednesday afternoon, indicating a favourable investor response to the group’s plans for Aldermore announced late Tuesday. A year previously, FirstRand was trading at R66.24. It has cut earnings forecasts and blamed a costly and "deeply flawed" British motor finance redress scheme for the plans to exist Aldermore. Provisions for miss-sold UK motor loans were raised by a further pre-tax accounting amount of R11.9 billion, bringing the total provision to R17.7bn. FirstRand’s pre-motor provision normalised earnings guidance remained intact. However, the group now expects full-year normalised earnings post the UK motor provision to contract between 4% and 9%, and…

Deputy Minister of Trade, Industry and Competition, Zuko Godlimpi, yesterday vowed that the government would resuscitate the sugar industry and create jobs, during the relaunch of Gledhow Sugar Mill in KwaDukuza, north of Durban. The mill, which entered business rescue during the 2023/2024 period, is now back on track following a R1.8 billion expansion investment by its new owners. The commitment was initially announced at last week’s Presidential Investment Conference and is expected to revitalise operations while strengthening the broader sugar value chain. The relaunch was also attended by the South African Farmers Development Association (SAFDA). Godlimpi said that a new investor is contributing advanced technology to a plant, enhancing efficiency and reducing reliance on fossil fuels, with plans to sell spare parts to other factories. He reassured workers that…

Nobody expected farming to be easy. But the men and women who cultivate sugarcane across the rolling hills of KwaZulu-Natal and Mpumalanga are now facing a convergence of pressures so severe that the very survival of South Africa’s sugar industry hangs in the balance. Policymakers in Pretoria would be wise to pay attention and to act before the moment passes. The war in the Middle East has driven oil prices at times above $108 a barrel, sending the cost of both diesel and fertiliser sharply higher. Fertiliser, derived from oil-based by-products, accounts for roughly 20% to 22% of an average sugar farmer’s total input bill and can be expected to nearly double in price. Diesel, meanwhile, is forecast to rise by more than R10 a litre in April, a catastrophic…