The South African bond market was stable on Tuesday after opening firmer in the morning. The market strengthened after a successful weekly government bond auction with the majority of what was on offer cleared by local banks and institutions. A local trader said there were very few foreigners in the market for bonds, and they had been net sellers for the past month. The positive movement in the bond market was, however, inhibited by the release by Statistics SA of quarterly GDP figures showing 0.2% growth after the previous quarter’s 3.3%. Movements in SA’s bonds have been small with the market slowing before the festive season. At 3.37pm, the benchmark R186 bond was bid at 8.940% from Monday’s 8.970% and the R207 at 8.150% from 8.200%. US treasuries were stronger on a rising oil price, last offering 2.3924% from Monday’s 2.3977%.
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