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Johannesburg - The bond yield curve dis-inverted on Wednesday morning as the rand gained ground, but conditions remain volatile and a little softness has appeared by midday.
By 12:03 the short-term government R153 bond was at 9.290% from its previous close of 9.425%. The medium-term R157 was at 8.790% from 8.860% at Tuesday's close and the long-term R186 was bid at 8.480% from 8.525% before.
The rand was last at R9.7790 per dollar from a previous close of R9.6998 and off best intraday levels of R9.5000.
A local bond trader said the market strengthened earlier on the back of the rand.
"There has been curve normalisation, with better buyers for the R153. Investors may have had some views on interest rates, but things are so volatile and it has been weakening off a bit again. They could have just been making it look bid so they could sell," explained the dealer.
The dealer concluded by saying that as there is not much data due, the key for the bond market would be the rand.
Foreigners were net buyers of R1.645bn worth of bonds on Tuesday after net sales of R183.621m worth of local bonds on Monday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R166.641bn on Tuesday from
R39.778m on Monday.
- I-Net Bridge