Bonds firmer after Zuma withdraws interdict against state capture report
South African bonds were stronger at midday on Wednesday in line with the rand, which gained 1% against the dollar after President Jacob Zuma withdrew his application to interdict the release of the public protector’s state capture report. The report pertains to allegations of an inappropriate relationship between the president and the Gupta family. Markets reacted favourably to the news that the report may be released on Wednesday. The R186 was bid at 8.690% at midday, from 8.750% on Tuesday. The R207 was bid at 7.935%, from 8.010% on Tuesday. The rand touched a firmest level of R13.42 to the dollar on Wednesday morning after Zuma withdrew his application. Concern about the US presidential election also boosted safe-haven assets such as bonds ahead of an interest-rate decision from the US Federal Reserve later in the day, with no change in rates expected. A Washington Post-ABC News tracking poll showed on Tuesday that Republican candidate Donald Trump was leading in the US presiden...
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.