03 Jun 2013

Bonds snap five-day losing run

I-Net Bridge

Johannesburg - The SA bond market was firmer on Monday‚ ending a five-day losing run‚ as the rand strengthened below the R10/$ level.

“We were due for a bounce after last week’s selloff. The rand is giving us some impetus‚ although it is too early to tell if this is a trend‚” the Johannesburg-based trader said.

Foreigners were net sellers of R6.171bn of SA bonds including repurchase agreements in the week ended May 31‚ after net sales of R2.040bn of local bonds the week before‚ figures from the JSE show.

At 11:52 the benchmark R186 bond was trading at 7.475%‚ from 7.570% at Friday’s close and 7.430% at Thursday’s close.

The R157 was trading at 5.690%‚ from 5.745% at its previous close‚ and the R207 was trading at 6.760%‚ from 6.775% at its previous close.

The rand was trading at R9.9493/$ - around 10 cents firmer than Friday’s close of R10.0550.

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