South African bonds were steady on Monday morning while the rand was weaker against the dollar as the market awaited the results of the ANC conference. The party’s leadership race is closely contested between ANC MP Nkosazana Dlamini-Zuma and Deputy President Cyril Ramaphosa, with the results expected by the end of the day. Bonds ended Friday’s session firmer, tracking the rand, which ended the day 3.07% stronger against the dollar due to court rulings that went against Dlamini-Zuma, boosting Ramaposa’s chances. At 9.22am the bid on the benchmark government bond was at 9% from Friday’s 9.01%, while the R207 was bid at 7.820% from 7.835%. The rand was at R13.0869 to the dollar from R12.9651. The rand tested the R12.97/$ level in earlier trade on reports from the conference that Ramaphosa had obtained the majority of the verified branch nominations, even though these do not automatically translate to actual delegate votes. The market has shown its favour for Ramaphosa being the party’...
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