On Sunday evening, the President announced a relaxation in COVID-19-related lockdown measures, from level 4 to level 3 as from 1 June, which means the opening up of most retail activity, excluding restaurant and pub facilities.

SARB leaves Repo Rate unchanged after only 1 x 25 basis point cut in the current cutting cycle. Weak consumer confidence likely to remain, and shift to a more cautious consumer expected to continue says John Loos, Household and Property Sector Strategist.