Shoprite leaves its rivals in the dust, and Amazon eyes AI startup

The rand was trading at R16.49 against the US dollar on the morning of Monday, 12 October 2026, only slightly stronger than it closed last week.

South African equities posted positive movements, with the JSE All Share Index gaining 1.32% and the Top 40 Index gaining 1.37%.

Gains were led by Resources, with the Resources 10 rising 1.73%, followed by Industrials at 1.25% and Financials by 1.18%.

On Wall Street, markets finished higher with the Dow Jones up 0.83%, the Nasdaq up 0.64%, and the S&P 500 up 0.59%.

Investors are turning towards third-quarter earnings data and inflation figures ahead of the Federal Reserve’s late October meeting.

European indices rebounded amid declining oil prices and easing sovereign bond yields, with the STOXX 600 rising 1% after a near four-month low last Thursday.

Asian markets opened Monday unevenly, with the Hang Seng up 1.79%, while Japanese markets remained closed for a public holiday.

In the commodities market, Brent crude oil hovered around $103 per barrel as attacks on Saudi Arabian infrastructure heightened supply concerns.

This is despite US President Donald Trump promising Russia would export 1.5 million barrels of diesel and an energy ceasefire with Ukraine.

Gold strengthened on Monday to $4,199.78 per ounce as a softer dollar and lower oil prices supported demand ahead of US inflation data.

On Monday morning, the rand was trading at R16.49 to the US dollar, R18.49 to the euro, and R21.84 to the British pound.

Important finance and investing news

Britain buckling under welfare bill: The United Kingdom’s welfare bill continues to balloon as more people claim sickness and disability benefits, putting the country’s future financial sustainability at risk. Its borrowing costs are now higher than those of any other G-7 nation, and its debt has become even more expensive than France’s. [Wall Street Journal]

Shoprite leaves its rivals in the dust: Shoprite is quickly approaching the R200 billion valuation mark on the JSE, with the group more valuable than its biggest competitors Pick n Pay, Boxer, Woolworths, and Spar combined. The company’s market value has surged over 80% in the last five years. [BusinessDay]

Amazon eyes AI startup: Amazon is in talks to acquire startup Decart AI in a deal that could be valued at around $7 billion. This comes after Anthropic had been in talks to purchase the company last month for $6 billion, but ultimately passed. Decart was founded in 2023 by three Isreali engineers. [Yahoo Finance]

AirAsia seeking state support: Malaysia’s largest low-cost airline met with officials from the country’s finance ministry two weeks ago to discuss potential government support amid growing concerns of its financial health, driven by rising jet fuel prices. [Reuters]

R1 billion spent, R17 billion recovered: The Presidency has said that it believes the R1 billion spent on the Zondo Commission into corruption and state capture has proven to be worth it, as R17.2 billion has since been recovered through the Commission’s findings. [EWN]