Johannesburg - The South African bond market was firm in midday trade on Wednesday‚ but dealers said the next leg of the rally depended on a stronger rand.
“We had some overnight foreign buy orders to fill this morning‚ but the market has traded sideways since the early morning move. Now we wait to see if the rand can go back below R9 per US dollar‚” a local bond trader said.
At 11:50 the benchmark R186 was trading at 7.280% from 7.310% at Tuesday’s close and 7.360% at Monday’s close. The R157 was bid at 5.305% and offered at 5.290% from 5.300% at its previous close‚ and the R207 was bid at 6.340% and offered at 6.310% from its previous close of 6.330%.
The rand was last bid at R9.0352/$ after reaching a best level of R8.9995/$ from R9.0344/$ at Tuesday’s close and R9.0742/$ at Monday’s close.
“We had some overnight foreign buy orders to fill this morning‚ but the market has traded sideways since the early morning move. Now we wait to see if the rand can go back below R9 per US dollar‚” a local bond trader said.
At 11:50 the benchmark R186 was trading at 7.280% from 7.310% at Tuesday’s close and 7.360% at Monday’s close. The R157 was bid at 5.305% and offered at 5.290% from 5.300% at its previous close‚ and the R207 was bid at 6.340% and offered at 6.310% from its previous close of 6.330%.
The rand was last bid at R9.0352/$ after reaching a best level of R8.9995/$ from R9.0344/$ at Tuesday’s close and R9.0742/$ at Monday’s close.