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Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg South African bonds rallied on Wednesday after
better than expected consumer inflation data for June, which traders say
re-ignites hopes of another rate cut this year.
By
15:45 the benchmark R157 bond was at 7.580% after closing at 7.655% on Tuesday and the
10-year R207 was bid at 8.260% from 8.345% previously.
The long-term R186
was bid at 8.565% from 8.615% at its previous close.
The rand was bid at R7.3531 to the dollar from R7.3110 at its previous close.
"Bonds are rallying on the better than expected CPI data," a local
bond trader said.
He
said the assumption in the market was that this re-ignited hopes of another rate cut this
year, something markets and economists of late have been ruling
out.
The increase in South Africa's consumer price index (CPI), which is used by the South African
Reserve Bank (Sarb) for its inflation target, was 4.2% year-on-year (y/y) in
June from 4.6% y/y in May, Statistics South Africa (Stats SA) said on
Wednesday.
It
remains well within the target band of between 3% and 6%.
CPI was
at 0.0% month-on-month (m/m) from 0.2% m/m in May.
CPI was
expected to have decreased to 4.5% y/y, according to a survey of leading economists by
I-Net Bridge, with forecasts among the 10 economists ranging from 4.3% to
4.7%.
- I-Net Bridge