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Bonds soften on weaker rand

Jan 10 2013 17:30
I-Net Bridge
Johannesburg - The SA bond market softened on Thursday afternoon‚ taking a breather after a three-day rally on particularly strong foreign interest in the long-end of the yield curve.

The weaker rand/US dollar exchange rate is also responsible for a pullback in the SA fixed income market‚ said Sarel Pretorius‚ a trader at Thebe Stockbroking.

At 15:27 the benchmark R186 was trading at 7.140% from Wednesday’s close of 7.100%. The R157 was trading at 5.325% from 5.290% at its previous close and the R207 was bid at 6.180% and offered at 6.150% from its previous close of 6.145%.

The rand weakened to R8.6453 to the greenback in from R8.5999 previously.

Manufacturing production increased by 3.4% year on year in November after an upwardly revised 2.7% (2.5%) year-on-year rise in October‚ data released by Statistics SA on Thursday showed.

Seasonally adjusted manufacturing production increased by 0.8% in the three months ended November compared with the previous three months.


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