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Johannesburg - South African bonds were barely moved from earlier levels in late morning trade on Thursday‚ hardly reacting to PPI data released by Stats SA.
Market conditions are thin ahead of a long weekend - local markets are closed on Monday for a holiday. Traditionally this time of the year in the lead up to Christmas and the new year is very quiet for local markets.
At 11:55‚ the benchmark R186 was bid at 7.310% and offered at 7.295% from a close of 7.310% on Wednesday. The R157 was trading at 5.410% from a close of 5.420% previously. The R207 was trading at 6.370% from a close of 6.365% before.
The rand was last bid at R8.6496/$ from R8.6540 previously.
SA’s producer inflation remained unchanged at 5.2% year on year in November‚ Statistics SA data on Thursday showed.
A consensus among nine economists was that PPI would rise to 5.4% year on year in November. The forecasts ranged from 5% to 5.6%.
PPI was up 0.3% on the month‚ while exported inflation fell 1.9% on the year‚ and was up 0.1% on the month.
Inflation for imported commodities rose 5% on a year-on-year basis‚ and was up 1.4% on the month.
A local trader said that PPI was usually a market mover for local bonds‚ but Thursday's better than expected figure had little effect due to the thinness of the market.
