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Bonds off best levels on softer rand

Feb 15 2013 16:43 I-Net Bridge

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Johannesburg - The bond market was firm but off its best level in afternoon trade on Friday as traders squared positions ahead of next week’s inflation release‚ which will use new weights.

“The rand gave bonds a boost in the morning‚ but then caused them to move off their best levels in the afternoon‚” a local bond trader said.

At 4:01 the benchmark R186 was trading at 7.280% from 7.320% at Thursday’s close and 7.280% at Wednesday’s close. The R157 was trading at 5.340% from 5.350% at its previous close and the R207 was bid at 6.305% and offered at 6.280% from its previous close of 6.305%.

The rand was last bid at R8.8286/$ from R8.7788/$ at Thursday’s close and R8.8591/$ at Wednesday’s close.

The consumer price index (CPI)‚ used to measure inflation and monitored closely by the South African Reserve Bank‚ is expected to have remained unchanged at 5.7% on a year-on-year (y/y) basis in January‚ according to a survey of leading economists by I-Net Bridge.

Forecasts among the eleven economists ranged from 5.4% to 5.9%.

The January CPI has been calculated using new weights in the CPI basket. Statistics SA announced the reweighting last year in accordance with the regular updating of the basket to reflect items being spent on the most in SA.

The January CPI data will be released by Statistics SA at 10:00 on Wednesday‚ February 20.

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