Top South African investment firm dumps Spar, and US fighter jet sold for $24 billion

The rand was trading at R16.23 against the US dollar on the morning of Friday, 18 September 2026, stronger than the day before.

South African equities were up yesterday, with the JSE All Share Index gaining 0.53% and the Top 40 Index gaining 0.54%.

Domestic sentiment was buoyed by an improvement in the FNB/BER Consumer Confidence Index, recovering to -13 in the third quarter from -19 in the second.

The recovery was driven by lower-income households, which were insulated from recent interest rate hikes and food inflation.

Despite this, uncertainty regarding the situation in the Middle East is likely to keep household spending under pressure in the coming months.

On Wall Street, US equities rallied strongly with the Dow Jones adding 0.61%, the S&P 500 adding 1.14%, and the Nasdaq adding 1.69%.

This was driven by gains in technology shares, easing oil prices, lower Treasury yields, and stronger-than-expected labour data, with initial jobless claims falling by 10,000.

European indices also ended Thursday higher, with the STOXX 600 up 0.90%, the DAX 30 up 0.70%, and the UK FTSE advancing 1.19%.

The Bank of England held its benchmark Bank Rate at 3.75% in a 6-3 vote, warning that ongoing tensions in the Middle East could require further tightening later this year.

In Asia, indices showed mixed results, with the Nikkei 225 up 0.33% while the Hang Seng and Shanghai Composite dropped 0.44% and 0.41%, respectively.

The Bank of Japan raised its policy rate to a 31-year high of 1.25% in a 7-2 decision as core consumer inflation remained close to its 2% target in August.

In commodities, Brent crude oil traded around $104 per barrel amid ongoing supply concerns, while gold edged higher to $4,354.74 per ounce.

On Friday morning, the rand was trading at R16.23 against the US dollar, R18.65 against the euro, and R21.71 against the British pound.

Important finance and investing news

US living costs on the rise: The cost-of-living in America is increasing rapidly, with gas prices at their highest levels since 2022 and the average rate on a 30-year fixed mortgage reaching its highest point in 19 months. While the Fed’s rate hike is expected to dampen inflation, it also raises borrowing costs. [Wall Street Journal]

Samsung bets big on South Africa: Justin Hume, vice president for mobile at Samsung South Africa, said he is bullish on the company’s premium smartphone sales in the country, which he said is showing strong growth despite an overall decline in the global market for smartphones. [BusinessDay]

Yuan hits four-year high: The yuan has climbed to its strongest level in more than four years ahead of a meeting between Chinese leader Xi Jinping and United States president Donald Trump. The currency gained 0.2% to 6.6935 against the US dollar on Friday, its highest level since July 2022. [Bloomberg]

$24 billion fighter jet sale: The United States has approved the potential sale of Lockheed Martin’s F-35 Lightning II fighter jets to Saudi Arabia, as the country is drawn deeper into the conflict in the Middle East. The sale would mark a shift from prior US policy and could alter the balance of power in the region. [Reuters]

Coronation dumps Spar: Asset manager Coronation has reduced its investment in Spar from 5.06% to 0.17% in what has been deemed a “vote of no confidence” in the retail group’s turnaround, coming just a month after Coronation reduced its stake from 10.89%. Spar’s share price has tanked 55% this year. [BusinessDay]