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Johannesburg - South African bonds remained firm in quiet late trade on Tuesday. A bond trader said the GDP figure had been positive for bonds, as it indicated that the Reserve Bank would be inclined to keep rates lower for longer.
By 15:50, the benchmark R157 bond was trading at 6.480% from 6.550% at the previous close. The R207 was trading at 7.630% from 7.680% and the R186 was trading at 7.950% from 7.930%
The rand was bid at 7.0727 against the dollar from its previous close of 7.0443.
Statistics SA data showed SA's real gross domestic product (GDP) at market prices on a quarter on quarter (q/q) seasonally adjusted annualised (saa) basis rose by 1.3% in the second quarter of 2011 from a revised 4.5% (4.8%) in the first quarter.
GDP growth was expected to edge up to 1.5%, according to a poll of leading economists by I-Net Bridge. The range of forecasts was from 0.2% q/q to 2.5%.
At its weekly auction on Tuesday the National Treasury received bids totalling R3.24bn for R1.1bn worth of R203 bonds at a clearing yield of 7.280% and bids totalling R1.97bn for one billion rand worth of R213 bonds at a clearing yield of 8.250%.
Earlier on Tuesday, the South African Reserve Bank (Sarb) said that credit extension to the private sector (PSCE) grew at a rate of 5.65% year-on-year (y/y) in July from a revised 5.28% (5.25%) year-on-year (y/y) in June.
The rate of growth of SA's broad M3 money supply measure rose by 5.58% y/y in July from a revised 6.03% (5.99%) y/y in June.
PSCE was expected to have registered 5.0% in July, according to a survey by I-Net Bridge. Forecasts among five leading economists ranged from 4.8% to 6.5% growth in PSCE.
M3 money supply, meanwhile, was expected to have increased at 5.1% y/y in July from 5.99% before. Forecasts ranged from 5.0% to 6.0%.
Foreigners were net buyers of R245.843m of South African bonds including repo transactions on Monday after net purchases of R15.020m worth of local bonds on Friday, data released by the JSE shows.
Nominal cumulative volume was R15.128bn on Monday from R76.521bn on Friday.
Foreigners were net buyers of R245.320m of South African bonds excluding repo transactions on Monday after net purchases of R176.921m of local bonds on Friday.
For the year to date, foreigners have been net buyers of R54.740bn worth of local bonds, excluding repo transactions. In 2010 foreigners bought net R57.064bn worth of local bonds, excluding repo transactions.
For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R45.737bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
By 15:50, the benchmark R157 bond was trading at 6.480% from 6.550% at the previous close. The R207 was trading at 7.630% from 7.680% and the R186 was trading at 7.950% from 7.930%
The rand was bid at 7.0727 against the dollar from its previous close of 7.0443.
Statistics SA data showed SA's real gross domestic product (GDP) at market prices on a quarter on quarter (q/q) seasonally adjusted annualised (saa) basis rose by 1.3% in the second quarter of 2011 from a revised 4.5% (4.8%) in the first quarter.
GDP growth was expected to edge up to 1.5%, according to a poll of leading economists by I-Net Bridge. The range of forecasts was from 0.2% q/q to 2.5%.
At its weekly auction on Tuesday the National Treasury received bids totalling R3.24bn for R1.1bn worth of R203 bonds at a clearing yield of 7.280% and bids totalling R1.97bn for one billion rand worth of R213 bonds at a clearing yield of 8.250%.
Earlier on Tuesday, the South African Reserve Bank (Sarb) said that credit extension to the private sector (PSCE) grew at a rate of 5.65% year-on-year (y/y) in July from a revised 5.28% (5.25%) year-on-year (y/y) in June.
The rate of growth of SA's broad M3 money supply measure rose by 5.58% y/y in July from a revised 6.03% (5.99%) y/y in June.
PSCE was expected to have registered 5.0% in July, according to a survey by I-Net Bridge. Forecasts among five leading economists ranged from 4.8% to 6.5% growth in PSCE.
M3 money supply, meanwhile, was expected to have increased at 5.1% y/y in July from 5.99% before. Forecasts ranged from 5.0% to 6.0%.
Foreigners were net buyers of R245.843m of South African bonds including repo transactions on Monday after net purchases of R15.020m worth of local bonds on Friday, data released by the JSE shows.
Nominal cumulative volume was R15.128bn on Monday from R76.521bn on Friday.
Foreigners were net buyers of R245.320m of South African bonds excluding repo transactions on Monday after net purchases of R176.921m of local bonds on Friday.
For the year to date, foreigners have been net buyers of R54.740bn worth of local bonds, excluding repo transactions. In 2010 foreigners bought net R57.064bn worth of local bonds, excluding repo transactions.
For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R45.737bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
