Bonds steady as speaker Baleka Mbete postpones state of the nation address
South African bonds were largely unchanged on Tuesday afternoon, as National Assembly speaker Baleka Mbete announced that the state of the nation address had been postponed. The rand showed little movement on a weaker dollar, and failed to breach R12/$. Earlier, the Presidency had denied reports that a special Cabinet meeting was called by President Jacob Zuma in Parliament on Tuesday. Speculation was that Zuma would resign ahead of a scheduled meeting of the ANC’s national executive committee (NEC) on Wednesday. Local bonds were also supported by a comeback in US bonds, with yields falling after a spike on Monday, which led to a sharply lower close on the Dow. At 3pm the bid on the R186 was at 8.5% from 8.47% and the R207 was at 7.09% from 7.05%. The rand was at R12.0535 to the dollar from R12.1253. The yield of the US 10-year treasury fell below 2.7% after hitting 2.87% on Monday, with analysts expecting it could reach 3% or 3.25% in the near term. Local bonds have held up reasona...
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