Johannesburg - South African bonds were a few points firmer in midday play on Monday as the strong local currency continued to buoy the market.
It's a fairly busy week for economic data with money supply and private sector credit extension, GDP and trade all due for release this week.
The GDP data release for the second quarter of 2011 will probably be the main focus on the local front this week.
GDP growth in SA is likely to have eased to 1.5% quarter on quarter (q/q) seasonally adjusted annualised (saa) in the second quarter of 2011, from 4.8% in the first quarter, according to a poll of leading economists by I-Net Bridge.
The range of forecasts among nine economists for the current survey ranged from 0.2% q/q to 2.5%, indicating a general consensus that growth faltered between the first and second quarters of the year.
Statistics SA (Stats SA) will release the latest gross domestic product (GDP) growth figures on Tuesday at 11:30.
By 11:50, the benchmark R157 bond was trading at 6.530% from 6.585% at the previous close. The R207 was bid at 7.670% and offered at 7.645% from 7.705% and the R186 was trading at 7.910% from 7.965%
The rand was bid at 7.0877 against the dollar from its previous close of 7.1338.
A local trader attributed the firmness in bonds to the strong rand.
Earlier, another trader noted: "You'll probably find that trade today won't be volatile or there won't be much trade going through at all. I suspect things will pick up after all the data."
Foreigners were net buyers of R15.020m of South African bonds including repo transactions on Friday after net purchases of R299.075m worth of local bonds on Thursday, data released by the JSE shows.
Nominal cumulative volume was R76.521bn on Friday from R38.857bn on Thursday.
Foreigners were net buyers of R176.921m of South African bonds excluding repo transactions on Friday after net purchases of R296.770m of local bonds on Thursday.
For the year to date, foreigners have been net buyers of R54.495bn 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 R45.491bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
It's a fairly busy week for economic data with money supply and private sector credit extension, GDP and trade all due for release this week.
The GDP data release for the second quarter of 2011 will probably be the main focus on the local front this week.
GDP growth in SA is likely to have eased to 1.5% quarter on quarter (q/q) seasonally adjusted annualised (saa) in the second quarter of 2011, from 4.8% in the first quarter, according to a poll of leading economists by I-Net Bridge.
The range of forecasts among nine economists for the current survey ranged from 0.2% q/q to 2.5%, indicating a general consensus that growth faltered between the first and second quarters of the year.
Statistics SA (Stats SA) will release the latest gross domestic product (GDP) growth figures on Tuesday at 11:30.
By 11:50, the benchmark R157 bond was trading at 6.530% from 6.585% at the previous close. The R207 was bid at 7.670% and offered at 7.645% from 7.705% and the R186 was trading at 7.910% from 7.965%
The rand was bid at 7.0877 against the dollar from its previous close of 7.1338.
A local trader attributed the firmness in bonds to the strong rand.
Earlier, another trader noted: "You'll probably find that trade today won't be volatile or there won't be much trade going through at all. I suspect things will pick up after all the data."
Foreigners were net buyers of R15.020m of South African bonds including repo transactions on Friday after net purchases of R299.075m worth of local bonds on Thursday, data released by the JSE shows.
Nominal cumulative volume was R76.521bn on Friday from R38.857bn on Thursday.
Foreigners were net buyers of R176.921m of South African bonds excluding repo transactions on Friday after net purchases of R296.770m of local bonds on Thursday.
For the year to date, foreigners have been net buyers of R54.495bn 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 R45.491bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.