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Bonds mixed ahead of manufacturing data

Jan 10 2013 13:27 I-Net Bridge

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Johannesburg - The South African bond market was mixed in midday trade on Thursday with the short end stronger‚ while investors took profits in the longer end.

“Investors are looking for direction. That may be provided by the manufacturing data as the third quarter economic and fiscal data was pretty weak‚” a local bond dealer said.

At 11:43, the benchmark R186 was trading at 7.120% from Wednesday’s close of 7.100%. The R157 was trading at 5.270% from 5.290% at its previous close and the R207 was bid at 6.165% and offered at 6.135% from its previous close of 6.145%.

The rand was last bid at R8.6090/$ from R8.5999 at Wednesday’s close.

Statistics SA in November reported that third quarter real gross domestic product growth slowed to 1.2% quarter on quarter (q/q) seasonally adjusted and annualised in the third quarter from 3.4% in the second quarter‚ while real retail sales growth slowed to 1.0% year on year (y/y) in October from 4.7% y/y in September and 6.7% y/y in August.

The National Treasury said last month that personal income tax collections‚ which is the largest individual component of tax revenue‚ slowed to a 3.0% y/y increase in November from an eight month average of 9.6% y/y‚ while the October 2012 forecast was for a 14.2% increase in the full fiscal year that ends in March 2013.

The second largest component‚ namely value added tax (VAT) collections‚ had a 1.4% y/y decline in November‚ although its eight month average of 11.8% is slightly above the forecast of 9.8% for the full fiscal year. 

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