Local government bonds were mixed on Friday afternoon, with longer-dated paper firmer, in line with the rand, as the market watched for a shake-up of government departments.Analysts said there should be some position-squaring ahead of the weekend, when the ANC national executive committee (NEC) will meet.There is much speculation that President Cyril Ramaphosa will reshuffle the Cabinet soon, as he seeks to consolidate his authority and begin implementing more market-friendly policies.The rand was also finding some support as markets processed views that Wednesday’s budget had averted a downgrade by ratings agency Moody’s. Globally, various US policy makers had downplayed recent US Federal Reserve minutes that had been widely perceived by the market as hawkish.Ratings agency Fitch, which considers South African debt as junk, said earlier SA’s budget has reversed some of the fiscal deterioration seen in 2017 – particularly during the medium-term budget policy statement."However, the ...
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