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Bonds stay weak on foreign selling

Jan 11 2013 17:41 I-Net Bridge

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Johannesburg - The South African bond market remained weak in afternoon trade on Friday on foreign selling after Fitch’s ratings downgrade of SA‚ announced late on Thursday.

Fitch cut SA’s sovereign credit rating by one notch to BBB.

“At one stage it looked as if we would come back from this morning’s selling‚ but we saw some renewed foreign selling after the US traders came in at 2:30. We will have to see what the stats say on Monday as to whether there was net buying or selling today‚” a local bond dealer said.

At 3:44 the benchmark R186 was trading at 7.140% from Thursday’s close of 7.090%. The R157 was trading at 5.325% from 5.310% at its previous close and the R207 was bid at 6.200% and offered at 6.170% from its previous close of 6.150%.

The rand was last bid at R8.6936/$ from R8.6566/$ at Thursday’s close and R8.5999/$ at Wednesday’s close.

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