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Bonds firmer on US Treasuries rally

Jan 07 2013 12:58 I-Net Bridge

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Johannesburg - The South African bond market was firmer in quiet midday trade on Monday‚ on a rally in US Treasuries following last week’s sell-off.

A local trader said on Monday: “We are firmer on the back of the bounce in US Treasuries‚ but volumes remain thin.”

At 12:02, the benchmark R186 was trading at 7.300% from Friday’s close of 7.365% and Thursday’s close of 7.295%. The R157 was bid at 5.370% and offered at 5.350% from 5.385% previously and the R207 was bid at 6.320% and offered at 6.290% from its previous close of 6.330%.

The rand was last bid at R8.5994/$ from R8.5549 at Friday’s close and R8.5878 at Thursday’s close.

Dow Jones Newswires reported that US Treasuries pushed higher in thin volume‚ erasing some of last week's sharp losses as stock markets slipped lower and thoughts returned to the US budget.

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