South African government bonds were mixed on Friday afternoon, despite a firmer rand, with all eyes on the start of the ANC elective conference on Saturday. Analysts said investors were partially pricing in a victory by ANC deputy president Cyril Ramaphosa, who is seen as the more market-friendly option. Supporters of his competition, Nkosazana Dlamini-Zuma, were dealt a number of small setbacks on Friday as the High Court in Pietermaritzburg ruled that the 27 members of KwaZulu-Natal’s provincial executive council were unlawfully appointed. The 27 leaders will now attend the conference as guests. In a further setback to Dlamini-Zuma, a court in the North West set aside 32 branch general meetings in the province.
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