Business confidence is on the increase. That’s according to the South African Chamber of Commerce and Industry’s Business Confidence Index.

The number has hit its highest level in two and a half years. The January BCI registered 99.7 points, a 3.3 point improvement from December’s print.

Meanwhile, the rand has strengthened around half-a-percent against a basket of major currencies compared with weakness in early trade on Tuesday.

This is despite the dollar strengthening against other major currencies.

A stronger dollar usually weakens the rand, but at this hour the rand’s slightly stronger level can be attributed to Mbete’s announcement that the State of the Nation Address has been postponed.