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Bonds firm on bargain hunting

May 30 2013 12:45 I-Net Bridge

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Johannesburg - South African bonds were a touch firmer in midday trade on Thursday on selective bargain hunting.

“We are seeing some selective buying‚ but volumes are small compared with Wednesday. The uncertainty regarding US Treasury market is currently the main factor keeping investors on the sidelines‚” a local bond trader said.

At 11:36 the benchmark R186 bond was trading at 7.275% from 7.310% at Wednesday’s close and 7.175% at Tuesday’s close.

The R157 was trading at 5.310% from 5.330% at its previous close‚ and the R207 was trading at 6.430% from 6.425% at its previous close.

The rand was bid at R9.8129/$ from Wednesday’s close of R9.8110 and Tuesday’s close of R9.7801.

Dealers said the producer price index (PPI) data released at 11:30 had no effect on the market.

The annual percentage change in the producer price index (PPI) for final manufactured goods was 5.4% in April compared with 5.7% year on year in March‚ Statistics SA (Stats SA) figures showed.

From March to April‚ the PPI for final manufactured goods increased by 0.4%.

Since January‚ Stats SA has published distinct PPIs to cover agriculture‚ mining‚ electricity and water‚ and manufacturing.

The PPI for final manufactured goods is now considered the “headline” PPI.

PPI was expected to have increased 5.7% year on year (y/y)‚ a survey by I-Net Bridge has found.

Forecasts among 11 leading economists surveyed ranged from 5.5% y/y to 6.1% y/y.

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