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Finance News Update | 29 May 2026

  • Writer: Phophi K
    Phophi K
  • May 29
  • 2 min read

General Headlines


Reserve Bank hikes interest rates

The South African Reserve Bank (SARB) has raised interest rates by 25 basis points in response to inflationary pressures linked to the ongoing conflict in the Middle East. The Monetary Policy Committee (MPC) increased the repo rate to 7.0%, with the prime lending rate moving to 10.50%. Earlier expectations of interest rate cuts have shifted as geopolitical tensions and rising global prices continue to impact inflation. The decision signals the central bank’s focus on containing inflation and maintaining price stability. BusinessTech


Pick n Pay delivery app suffers data breach

A cyber threat actor has reportedly breached Pick n Pay’s Asap! delivery platform, with customer information allegedly being offered for sale on a dark web forum since March 2026. The compromised data is said to include sensitive customer details, including full credit card information. Pick n Pay online executive Enrico Ferigolli confirmed the legitimacy of the breach and stated that the incident affected customer information dating back to 2022. The breach raises renewed concerns around data protection and cybersecurity in the retail sector. MyBroadband


Eskom set to extend lifespan of coal power stations

South Africa is expected to delay the decommissioning of a portion of its coal-fired power stations as replacement gas projects continue to face delays. Eskom’s current plan is to retire approximately 7.4 GW of coal generation capacity by 2030, but timelines may shift due to constraints in alternative energy rollout. The move contrasts with broader global trends toward reducing coal dependence. The delay highlights the country’s ongoing challenge of balancing energy security with transition goals. Engineering News


Markets & Investments


Market and Stocks Highlight

The US dollar and oil prices softened following reports that the US and Iran had agreed to extend their ceasefire by 60 days, helping stabilise precious metals markets. Platinum traded largely flat after recovering from a four week low. Meanwhile, ASP Isotopes gained 9.26%, extending its rally to a seventh consecutive session. Investor sentiment was boosted by developments at the company’s local facilities involving silicon separation technology for advanced technology applications. Business Day


Property & Real Assets


Higher bond costs after latest interest rate increase

Following the SARB’s latest decision, the repo rate increased to 7.0% and the prime lending rate to 10.50%, raising borrowing costs for homeowners. Property industry leaders warn that the rate hike could weaken consumer confidence and place further pressure on the housing market. A 25-basis-point increase is estimated to add roughly R168 per month to repayments on a R1 million home loan and around R335 on a R2 million bond. The increase is expected to place additional strain on households already managing elevated living costs. BusinessTech

 
 
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