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Bonds firmer despite London selling

Feb 07 2013 17:18 I-Net Bridge

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Johannesburg - The South African bond market was a touch firmer in afternoon trade on Thursday despite some selling out of London.

“We were looking to go stronger as the manufacturing production data was disappointing‚ but that was met by selling out of London‚” a local bond dealer said.

At 4:14 the benchmark R186 was trading at 7.310% after touching a best level of 7.275% from 7.315% at Wednesday’s close and 7.340% at Tuesday’s close. The R157 was trading at 5.290% from 5.305% at its previous close and the R207 was bid at 6.295% and offered at 6.265% from its previous close of 6.280%.

The rand was last bid at R8.8950/$ from R8.9012/$ at Wednesday’s close and R8.8203/$ at Tuesday’s close.

Investec said that manufacturing production increased by a weaker-than-expected 2.0% year on year (y/y) in December‚ down from November’s revised 3.7% y/y.

“The outcome reflects weaker manufacturing production‚ with growth 2.2% lower on the month on a seasonally adjusted basis‚ i.e. removing the impact of the festive season induced slowdown in production in December‚” the bank said.

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