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Curve flattens on inflation concerns

Feb 28 2013 12:36 I-Net Bridge

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Johannesburg - The South African bond market flattened in midday trade on Thursday as the short-end moved softer in response to rising inflation concerns‚ while the longer end strengthened on foreign demand.

“The curve has flattened by around five basis points as the market waits for the electricity price announcement this afternoon and tomorrow’s petrol price announcement‚” a local bond trader said.

At 11:46 the benchmark R186 was trading at 7.250% from 7.280% at Wednesday’s close. The R157 was bid at 5.280% and offered at 5.260% from 5.250% at its previous close‚ and the R207 was bid at 6.290% and offered at 6.265% from its previous close of 6.265%.

The rand was last bid at R8.8467/$ from R8.8319/$ at Wednesday’s close.

The National Energy Regulator of SA (NERSA) is due to make an announcement on electricity prices at 13:00‚ while the Department of Energy will make an announcement on the March retail petrol price on Friday afternoon.

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