Bonds come off best levels as rand gives up most of its morning gains
South African government bonds were slightly firmer but off the day’s best on Thursday afternoon, in tandem with the rand, which gave up most of the morning’s gains. At 3.14pm, the benchmark R186 bond was bid at 8.58%, six basis points weaker than earlier in the day but 2.5 basis points stronger than Wednesday’s close of 8.605%. After rallying to R12.23 to the dollar, its strongest level since mid-2015, the rand slid in afternoon trade and was last seen at R12.34. The local currency was at R12.36 at Wednesday’s close. According to reports in The Star, President Jacob Zuma has been given until next Wednesday to step down as SA’s president. Several ANC national executive committee members said Zuma faced another motion of no confidence if he did not voluntarily leave his position, the publication reported. The R207 bond was 5.5 basis points firmer at 7.22% on Thursday afternoon.
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