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Bonds off worst level on rand recovery

Jan 24 2013 12:38 I-Net Bridge

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Johannesburg - The South African bond market was softer but off its worst level in quiet midday trade as the rand recovered.

“The rand has helped us‚ but volumes remain light as we wait to see the tone of the central bank’s statement this afternoon‚” a local bond dealer said.

At 11:46 the benchmark R186 was trading at 7.310% from 7.305% at Wednesday’s close and 7.240% at Tuesday’s close. The R157 was trading at 5.370% from 5.340% at its previous close and the R207 was bid at 6.305% and offered at 6.275% from its previous close of 6.285%.

The rand was last bid at R9.0444/$ from R9.0626 at Wednesday’s close and R8.8436 at Tuesday’s close.

The rand broke above R9/$ in late trade on Wednesday. The South African Reserve Bank’s monetary policy committee (MPC) will make its decision known on the repo rate shortly after 15:00.

All economists surveyed expect no change. The last repo rate cut was in July.

 

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