Clicks wants a slice of R900 billion pie, and Elon Musk makes $1 billion Skydance bet
The rand was trading at R16.52 against the US dollar on the morning of Friday, 23 October 2026, weaker than the day before.
South African indices saw declines yesterday, with the JSE All Share Index down 1.03% and the Top 40 Index down 1.18%.
Exports to China grew by nearly 25% between May and August, while imports rose 23% over the same period following Beijing’s preferential tariff initiative.
New proposed rules could soon allow approved institutions to manage qualifying foreign portfolios outside of offshore investment limits.
On Wall Street, weakness in tech shares led the Nasdaq to drop 2.6%, its largest daily decline since June, while the S&P 500 fell 1.21%.
Investors continue to question the financial demands of the AI boom, while economists warned of prolonged energy disruption and tighter financing conditions.
In Europe, equities declined as rising energy costs and concerns over French public finances concerned investors.
The STOXX 600 finished more than 1% lower, while eurozone banking shares dropped 4.2%. French borrowing costs exceeded 5%.
Asian markets retreated across the board, with the Hang Seng down 3.03%, the Nikkei 225 down 2.65%, and the Shanghai Composite down 1.48%.
Japan’s manufacturing activity expanded, despite October’s preliminary PMI slipping to 53.3 from September’s 54.1.
In the commodities market, oil surged to almost $114 per barrel as it heads for a third weekly advance. Gold was down to $4,004.30 per ounce.
On Friday morning, the rand was trading at R16.52 to the US dollar, R18.52 to the euro, and R22.12 to the British pound.
Important finance and investing news
Pensioners riding the AI wave: AI-linked stocks have driven gains in hundreds of state and local public employee pension funds, growing their combined assets from $5.8 trillion in 2023 to $7.3 trillion as of June 2026. $138 billion was gained across just 13 public pension funds since 2022, helping recover losses from the 2008 financial crisis. [Wall Street Journal]
Clicks wants bigger slice of R900 billion pie: Clicks is looking to grow its share of South Africa’s R900 billion township economy, using its KwaMakhi neighbourhood stores to reach customers who may not be served by its traditional stores. This is placing it in direct competition with both local township stores and other established retailers also looking to target the market. [BusinessDay]
Hermes hits 4-year low: Hermes shares dropped 8% to their lowest level in four years, after the company announced mixed third quarter results. Revenue rose 4.3% during the three months ending 30 September, below analyst estimates of 5.2%, while Middle East sales fell 2.8% amid what the company described as a “complex geopolitical environment”. [Yahoo Finance]
Elon Musk makes $1 billion Skydance bet: Elon Musk has invested roughly $1 billion in Skydance, giving it a much needed financial injection as it looks to cut costs and boost its share price. Musk has publicly praised Skydance and the Ellison family in the past, prompting speculation of a closer relationship between Skydance and Musk’s Starlink. [Semafor]
Petrol price pain for South Africa: The South African Fuel Retailers Association has warned that the government’s R10 billion fuel levy relief package will offer little help, with prices still expected to rise sharply next month. Declining fuel sales are putting pressure on retailers, with some rural filling stations closing at night to save costs. [EWN]
