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Johannesburg - Bonds were steady but still weak by noon on Thursday after opening on the back foot on a soft rand.
A senior bond dealer felt that the market was undergoing a "healthy" correction after running very hard in late 2008. He feels that after another 10 to 20 points of weakness, some more demand will set in as government supply kicks in.
By 11:50 the short-term government R153 bond was at 7.550% from its previous close of 7.510%. The medium-term R157 was at 7.620% from a previous 7.540%, while the long-term R186 was bid at 7.665% from 7.565%.
The rand was last at R9.6211 to the dollar from a previous close of R9.6320, but off an intraday worst of R9.7550.
"We opened weaker on the currency and are still a bit weaker after having a rally into December. So the market is undergoing a bit of a correction - but it may be healthy," said the bond dealer.
Foreigners were net sellers of R4.233bn worth of bonds on Wednesday after net sales of R971.349m worth of local bonds on Tuesday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R37.949bn on Wednesday from
R66.065bn on Tuesday.
- I-Net Bridge