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Johannesburg - South African bonds were a few
basis points firmer in midday trade on Friday, as the rand - which was
off the day's worst levels - provided a boost to the market.
"This seems to be to do with the rand looking a bit better but I don't understand why that is the case - this market shouldn't be here considering all the risk that is in the system.
"It looks like the market is talking rate cuts the way we're going. We are being led by the swap space," a trader said.
At 11:50, the benchmark R157 bond was trading at 6.380%, from Thursday's close of 6.440%. The R207 was trading at 7.630% from a previous close of 7.620% and the R186 was trading at 8.250% from its close of 8.295%.
The rand was bid at 8.3506 against the dollar from yesterday's close of 8.3606.
With the European woes continuing, local markets are likely to keep an eye on their global counterparts.
Foreigners were net buyers of R1.609bn of South African bonds including repo transactions on Thursday after net sales of R76.452m of local bonds, data released by the JSE shows.
Nominal cumulative volume was R57.358bn on Thursday from R233.157bn on Wednesday.
Foreigners were net buyers of R1.609bn of South African bonds excluding repo transactions on Thursday after net sales of R77.801m of local bonds on Wednesday.
For the year to date foreigners have been net buyers of R37.833bn of local bonds, excluding repo transactions. In 2011 they were net buyers of R47.359bn worth of local bonds, excluding repo transactions.
In the year to date foreigners have been net buyers of R33.861bn of local bonds including repo transactions. In 2011 they bought R37.501bn of local bonds.
"This seems to be to do with the rand looking a bit better but I don't understand why that is the case - this market shouldn't be here considering all the risk that is in the system.
"It looks like the market is talking rate cuts the way we're going. We are being led by the swap space," a trader said.
At 11:50, the benchmark R157 bond was trading at 6.380%, from Thursday's close of 6.440%. The R207 was trading at 7.630% from a previous close of 7.620% and the R186 was trading at 8.250% from its close of 8.295%.
The rand was bid at 8.3506 against the dollar from yesterday's close of 8.3606.
With the European woes continuing, local markets are likely to keep an eye on their global counterparts.
Foreigners were net buyers of R1.609bn of South African bonds including repo transactions on Thursday after net sales of R76.452m of local bonds, data released by the JSE shows.
Nominal cumulative volume was R57.358bn on Thursday from R233.157bn on Wednesday.
Foreigners were net buyers of R1.609bn of South African bonds excluding repo transactions on Thursday after net sales of R77.801m of local bonds on Wednesday.
For the year to date foreigners have been net buyers of R37.833bn of local bonds, excluding repo transactions. In 2011 they were net buyers of R47.359bn worth of local bonds, excluding repo transactions.
In the year to date foreigners have been net buyers of R33.861bn of local bonds including repo transactions. In 2011 they bought R37.501bn of local bonds.
