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Johannesburg - The South African bond market was softer in midday trade on Wednesday on the back of foreign investor jitters about continuing mine strikes.
Anglo American confirmed this morning that production had resumed at the Kleinkopje coal mine after an illegal walk-out by workers stopped production on Tuesday morning.
Miners are also on strike at five of Exxaro’s coal mines‚ which could result in electricity generation being disrupted if the strikes continue.
“Foreigners are very worried that the latest round of unprotected mine strikes is a precursor to another Marikana‚” a local bond trader said.
At noon the benchmark R186 was trading at 7.420% from 7.380% at Tuesday’s close. The R157 was trading at 5.390% from 5.360% at its previous close and the R207 was bid at 6.360% and offered at 6.345% from its previous close of 6.325%.
The rand was bid at R9.1735/$ after touching a worst level of R9.2107/$ on Tuesday before closing at R9.1634/$ from R9.1057/$ at Monday’s close.
The National Treasury announced at 11:00 that it will auction R800m each of R209 and R214 bonds and R500m of R2048 bonds on March 19.
Anglo American confirmed this morning that production had resumed at the Kleinkopje coal mine after an illegal walk-out by workers stopped production on Tuesday morning.
Miners are also on strike at five of Exxaro’s coal mines‚ which could result in electricity generation being disrupted if the strikes continue.
“Foreigners are very worried that the latest round of unprotected mine strikes is a precursor to another Marikana‚” a local bond trader said.
At noon the benchmark R186 was trading at 7.420% from 7.380% at Tuesday’s close. The R157 was trading at 5.390% from 5.360% at its previous close and the R207 was bid at 6.360% and offered at 6.345% from its previous close of 6.325%.
The rand was bid at R9.1735/$ after touching a worst level of R9.2107/$ on Tuesday before closing at R9.1634/$ from R9.1057/$ at Monday’s close.
The National Treasury announced at 11:00 that it will auction R800m each of R209 and R214 bonds and R500m of R2048 bonds on March 19.
