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Bonds ignore money supply data

Dec 31 2012 11:13 I-Net Bridge

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Johannesburg - The South African bond market ignored the money supply data released at 8:00 in thin trading conditions on Monday morning.

“Most trading desks only have a skeleton staff today and they will be gone around midday. There was no impact of the money supply data‚” a local bond dealer said.

At 9:00 the benchmark R186 was bid at 7.300% and offered at 7.260% from a previous close of 7.255%. The R157 was bid at 5.325% and offered at 5.315% from 5.315% previously and the R207 was bid at 6.270% and offered at 6.260% from its previous close of 6.260%.

The rand was last bid at R8.4750/$ from R8.4710 previously.

Credit extension to the private sector (PSCE) grew by 9.59% y/y in November‚ from 8.35% in October‚ South African Reserve Bank (SARB) figures released on Monday showed.

The rate of growth in SA’s broad M3 money supply measure was 6.26% y/y in November from 5.69% y/y in October.

Total loans and advances‚ which is PSCE excluding investments and bills discounted‚ recorded an 9.86% y/y growth in November from 8.50% y/y growth in October.

Total domestic credit extension amounted to 9.78% y/y in November from an 8.01% y/y increase in the prior month.

Foreigners were net buyers of R275.368m of South African bonds including repo transactions on Friday after net sales of R229.894m of local bonds on Thursday‚ data from the JSE shows.

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