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Bonds drift weaker on rand

Jan 21 2013 12:42 I-Net Bridge

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Johannesburg - The South African bond market drifted weaker in quiet midday trade on Monday as investors priced in the softer rand.

Dealers said volumes were light as international capital markets were robbed of liquidity by the Martin Luther King Jr holiday in the US.

“The long end is drifting softer‚ while there is no interest in the rest of the curve‚” a local bond dealer said.

At 11:48 the benchmark R186 was trading at 7.240% from 7.220% at Friday’s close. The R157 was bid at 5.340% and offered at 5.310% from 5.340% at its previous close and the R207 was bid at 6.270% and offered at 6.240% from its previous close of 6.255%.

The rand was last bid at R8.8782/$ from R8.8757 at Friday’s close.

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