South African bonds were weaker on Friday afternoon, as the rand recovered nearly 1% against the dollar, after the High Court in Pretoria ruled that advocate Shaun Abrahams, the national director of public prosecutions (NDPP), must vacate his seat. Judge Dunstan Mlambo ruled that Deputy President Cyril Ramaphosa must appoint a new NDPP in the next 60 days, as President Jacob Zuma was a conflicted party in the matter. SA’s bond market is expected to remain under pressure until the ANC elective conference in December, with trading volumes this week thin. At 3pm the R186 was bid at 9.275% from 9.23% and the R207 was at 8.12% to 8.085%. The rand was at R13.643 to the dollar from R13.7339. The market was eyeing US nonfarm payroll data set to be released later in the day. The jobs report, expected at 3.30pm local time, will provide guidance on the US Federal Reserve’s approach to interest rates in December and in 2018. Economists expect the world’s largest economy to have created 200‚000 ...
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