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Johannesburg - The benchmark R157 bond was firmer in midday trade on Monday, in what a trader described as an "incredibly quiet day". Other major bonds were flat.
By 11:50, the benchmark R157 bond was trading at 7.395% from its previous close of 7.420%. The R207 was bid at 8.170% and offered at 8.140% from 8.170% and the R186 was bid at 8.405% and offered at 8.375% from 8.390%.
The rand was bid at 6.7242 against the dollar from 6.6819 late on Thursday.
"There's not much going on. We're stuck in a tight range, obviously a bit better than where we were on Friday, but there's not much in it - it's probably a rand play. We may see some sellers coming in, but I don't think there will be huge moves ahead of tomorrow's manufacturing data," said a local trader.
Earlier, Standard Bank Group [JSE:SBK] analysts said in a report that, while this week would see policy decisions from the European Central Bank and Bank of England, disappointing economic data from earlier was still set to be more influential.
"With SA's rates set to continue occupying their high-beta role, global drivers will determine the next move. In this regard, while a bounce is overdue across the curve, it may prove only half-hearted, if it were to arise. Any softness in the domestic data flow scheduled for this week would merely strengthen this bias," they said.
According to Standard Bank, last week's dismal US data confirmed that their economy remained sluggish.
The US economy added 54 000 non-farm jobs in May, after 232 000 in April. Economists in a Dow Jones Newswires survey had forecast a gain of 160 000. The unemployment rate was 9.1% from 9%. Economists had expected 8.9%.
With no key economic data due out today, local markets will keep an eye on international markets.
Foreigners were net buyers of R729.270m of South African bonds including repo transactions on Friday after net purchases of R1.198bn of local bonds on Thursday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R51.987bn on Friday from R23.536bn on Thursday.
Foreigners were net buyers of R727.462m of South African bonds excluding repo transactions on Friday after net purchases of R1.198bn of local bonds on Thursday.
For the year to date, foreigners have been net buyers of R23.043bn worth of local bonds, excluding repo transactions. In 2010 foreigners bought net R57.064bn worth of local bonds, excluding repo transactions.
For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R15.827bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
By 11:50, the benchmark R157 bond was trading at 7.395% from its previous close of 7.420%. The R207 was bid at 8.170% and offered at 8.140% from 8.170% and the R186 was bid at 8.405% and offered at 8.375% from 8.390%.
The rand was bid at 6.7242 against the dollar from 6.6819 late on Thursday.
"There's not much going on. We're stuck in a tight range, obviously a bit better than where we were on Friday, but there's not much in it - it's probably a rand play. We may see some sellers coming in, but I don't think there will be huge moves ahead of tomorrow's manufacturing data," said a local trader.
Earlier, Standard Bank Group [JSE:SBK] analysts said in a report that, while this week would see policy decisions from the European Central Bank and Bank of England, disappointing economic data from earlier was still set to be more influential.
"With SA's rates set to continue occupying their high-beta role, global drivers will determine the next move. In this regard, while a bounce is overdue across the curve, it may prove only half-hearted, if it were to arise. Any softness in the domestic data flow scheduled for this week would merely strengthen this bias," they said.
According to Standard Bank, last week's dismal US data confirmed that their economy remained sluggish.
The US economy added 54 000 non-farm jobs in May, after 232 000 in April. Economists in a Dow Jones Newswires survey had forecast a gain of 160 000. The unemployment rate was 9.1% from 9%. Economists had expected 8.9%.
With no key economic data due out today, local markets will keep an eye on international markets.
Foreigners were net buyers of R729.270m of South African bonds including repo transactions on Friday after net purchases of R1.198bn of local bonds on Thursday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R51.987bn on Friday from R23.536bn on Thursday.
Foreigners were net buyers of R727.462m of South African bonds excluding repo transactions on Friday after net purchases of R1.198bn of local bonds on Thursday.
For the year to date, foreigners have been net buyers of R23.043bn worth of local bonds, excluding repo transactions. In 2010 foreigners bought net R57.064bn worth of local bonds, excluding repo transactions.
For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R15.827bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
