South African government bonds were firmer on Monday morning, extending their recent rally, as the market awaited further local developments that could provide direction. The closure of US and Chinese markets on Monday is expected to subdue trading somewhat. Locally, the week is expected to be a busy one, as developments around Cyril Ramaphosa’s swearing-in as president continue. Ramaphosa is widely expected to reshuffle the Cabinet, something that may take place before Wednesday’s budget speech. The budget speech is expected to be closely watched, notably by ratings agencies, as they consider revising SA’s credit status. The National Prosecuting Authority (NPA) is expected to receive recommendations on whether it should reinstate fraud and corruption charges against former president Jacob Zuma this week. With some international markets closed and much of the local good news priced in, some consolidation ahead of the budget speech was expected, said Sasfin Securities bond analysts. ...
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