South African bonds turned firmer at midday on Wednesday, as steps surrounding the ANC’s decision to recall President Jacob Zuma gathered momentum.The Hawks’ Serious Corruption Crime Unit confirmed that three people were arrested following a dawn raid on the Gupta compound in Johannesburg, including one Gupta brother. Two other suspects are expected to hand themselves in; these may include Zuma’s son, Duduzane, a business associate of the Guptas.Although the ANC has recalled Zuma as head of state, he has yet to acknowledge the party’s decision.At 11.30am, the R186 was bid at 8.405% from 8.44% and the R207 at 6.985% from 7.025%. The rand was at R11.8579 to the dollar from R11.9629.US bonds yields fell ahead of the release of US inflation data later in the day. Investors have tightened their focus on inflation data after a report earlier this month revealed that wages rose 2.9% in January on a year-on-year basis, surpassing most forecasts, and spurring speculation across financial mar...
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