South African bonds strengthened marginally before midday on Friday, as various global events balanced out risk in the market. The outcome of the UK election was seemingly balanced by lack of a "smoking gun" against US President Donald Trump, RMB analyst John Cairns said. In the UK, analysts said Conservative Party leader Theresa May’s calling of a snap election backfired, following an effective campaign from the Labour Party, which reduced the Tory majority. A hung parliament in the UK may complicate the negotiations of its exit from the EU, with the rand gaining almost 1.7% against the pound. It was, however, flat against the dollar, which bonds usually track. Former Federal Bureau of Investigation (FBI) director James Comey’s testimony in Congress has not resulted in firm evidence being presented against Trump, who faces accusations of interfering at the independent law enforcement agency. "Nothing significant came out of Comey’s testimony‚ which was seen as more hype than substa...
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