South African bonds were mixed on Monday morning, but little changed, despite the slightly softer rand, which had gained significantly at the weekend. The rand surged during the opening of the ANC national elective conference on Saturday, following increased optimism that ANC deputy president Cyril Ramaphosa would win the race for the party presidency. The rand tested the R12.97 to the dollar level at the weekend, also boosted by an announcement by President Jacob Zuma that free tertiary education would be slowly phased in. On Monday, the rand held to the R13 to the dollar level, as voting at the elective conference continued. Results were expected later on Monday. Trading throughout the day would be dictated by who won the ANC presidential election, and investors would closely watch the headlines, said Rand Merchant Bank analyst Michelle Wohlberg. It is also set to be a busy week in terms of data releases, while some progress in the passage of tax reforms in the US may boost the do...
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