South African bonds were weaker on Monday after the rand strengthened in Asian trade before losing ground again as reports surfaced that President Jacob Zuma was secure in his position. At 9.25am the rand was at R12.9248 to the dollar from Sunday’s R12.6635. It last traded at about R12.86 on Friday. The ANC national executive committee (NEC), which met at the weekend, apparently concluded with President Jacob Zuma secure in his presidency of the party. Unconfirmed reports suggest Zuma called on his critics within the party to desist from public attacks. This comes as leaked e-mails surfaced at the weekend allegedly indicating the Gupta family, which has close ties with the Zuma family, has been seeking to influence the running of state-owned companies. Also implicated in the e-mails was Zuma’s son Duduzane, who has interests in Gupta-owned businesses. At 9.44am the R186 was bid at 8.55% from Friday’s 8.48% and that of the R207 at 7.45% from 7.325%.
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