South African bonds were flat on Friday in late afternoon trade as the local market took a cautious stance ahead of the ANC’s National Executive Committee (NEC) meeting over the weekend. Market participants expect news regarding President Jacob Zuma’s position as ANC leader. The rand, which bonds usually track, was slightly firmer, gaining 0.51% against the dollar. TreasuryOne dealer Andre Botha said the expectation is that the rand will lose some ground on Monday morning as no recall will be issued. At 3.36pm, the rand was at R12.8601 to the dollar from Thursday’s R12.9259. The benchmark R186 was bid at 8.51% from 8.5% previously and the R207 was bid at 7.43% from 7.4%.
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