The South African bond market was steady on Thursday morning as the rand held onto Wednesday’s gains on better than expected consumer inflation data. Statistics SA reported that the annual inflation rate for April was 5.3%, compared with the corresponding annual rate of 6.1% in March. The inflation number strengthens the expectation that the Reserve Bank will keep rates on hold when it announces its decision just after 3pm on Thursday. The rand was further boosted on Wednesday by speculation the ANC is planning to remove Jacob Zuma as president of the country at a meeting this weekend. This was according to sources within the ANC’s leadership, which remains divided over Zuma’s future. The story was, however, subsequently refuted by other ANC national executive committee (NEC) members, saying they had already decided against Zuma’s removal, analysts at Nedbank Corporate and Investment Banking said. At 9.38am the benchmark R186 was bid at 8.465% from 8.48% previously and the R207 was ...
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