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Johannesburg - Bonds were bid a little weaker in early trade on Monday after the rand lost ground on global jitters, but trade remained quiet as few dealers were prepared to take big positions in the current, uncertain climate.
By 08:45 the short-term government R153 bond was bid at 7.540% from its previous close of 7.470%. The medium-term R157 was bid at 7.515% from a previous 7.495%, while the long-term R186 was bid at 7.545% from 7.520%.
The rand was last at R9.8880 to the dollar from a previous close of R9.8020.
"It is pretty quiet with not too many trades as investors only just get back to their desks and after we traded badly on Wednesday and Thursday last week. We should be higher [weaker] on the rand, but I think everyone is a little too scared to short after we came back last week," said a senior bond dealer.
The dealer confirmed that some nervousness remained in place due to global events.
Dow Jones Newswires reports that European stock markets are seen opening lower on Monday after markets fell on Friday, extending losses after yet more miserable data, with the US economy losing the most jobs last year since 1945 as unemployment spiked to a 16-year high.
Foreigners were net buyers of R323.076m worth of bonds on Thursday after net sales of R4.233bn worth of local bonds on Wednesday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R36.978bn on Thursday from
R37.949bn on Wednesday.
Due to technical problems at Besa, Friday foreign data is only due later today.
- I-Net Bridge