South African bonds remained on a weaker footing at midday on Tuesday as the rand softened on market disappointment over the ANC National Executive Committee’s decision to keep Jacob Zuma as its president. Analysts expect further rand volatility in the afternoon due to markets in the US re-opening after the Memorial Day long weekend. At 11.26am, the benchmark R186 was bid at 8.61% from Monday’s 8.585%. The R207 was bid at 7.525% from 7.505%. The rand was at R13.0798 to the dollar from Monday’s R12.9689. TreasuryOne director Wichard Cilliers said: "The general consensus is that the rand will return to the levels seen before the [Zuma] news [broke]. The range for today will be R12.95 to R13.15, which should provide some resistance."
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