The South African bond market was weaker on Tuesday at midday, but off the weakest levels recorded earlier in morning trade as the rand clawed back some of its losses. Reports indicate Finance Minister Pravin Gordhan has arrived in SA after being recalled by President Jacob Zuma from an international investor roadshow. Gordhan was tight-lipped on speculation that he could be replaced in a Cabinet reshuffle. At 11.38am the yield on the R186 was at 8.77% from a previous 8.72%. The yield on the R207 was at 7.85% from 7.74%. The rand was at R12.9726 to the dollar from a previous close of R12.7616 after weakening to R13.1111 in early-morning trade. The market focus was on the Gupta court case today as well as the weekly bond auction, said Rand Merchant Bank (RMB) analyst Gordon Kerr. The rand traded sharply lower against the dollar on Monday following Zuma’s move against Gordhan. The bond market has attracted a net R5.2bn worth of foreign flows over the past week. Total bond inflows stan...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.