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Bonds hold gains despite GDP‚ auction

Feb 26 2013 13:00 I-Net Bridge

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Johannesburg - The South African bond market held onto its gains in midday trade on Tuesday despite a better than expected gross domestic product (GDP) figure and a poor weekly bond auction.

“The dominant factor at the moment seems to be the stronger rand‚ as the good GDP data and the poor auction should have resulted in a weaker bond market‚” a local bond trader said.

At 12:05 the benchmark R186 was trading at 7.170% from 7.200% at Monday’s close. The R157 was trading at 5.185% from 5.240% at its previous close and the R207 was trading at 6.200% from its previous close of 6.230%.

The rand was last bid at R8.7868 to the US dollar from R8.8300 at Tuesday’s close.

The South African Treasury on Tuesday allotted R800m  of R214 bonds at a clearing yield of 8.160%‚ R800m of R209 bonds at a clearing yield of 8.120% and R500m of R2048 bonds at a clearing yield of 8.300%. Bids received were respectively R1.535bn‚ R1.64bn and R1.29bn.

Last week the National Treasury offered R500m worth of R123 bonds‚ as well as R800m each of R209 and R2 048 bonds and received bids worth R2.21bn‚ R3.345bn and R1.845bn respectively.

Statistics SA released GDP figures for the fourth quarter of last year at 11:30. The I-Net Bridge consensus forecast was for 1.8% quarter on quarter (q/q) seasonally adjusted and annualised growth in the fourth quarter of last year‚ from 1.2% in the third quarter‚ while the actual increase was 2.1%.

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