Local government bonds were trending weaker at midday on Tuesday, as the market followed a lower rand on mixed reaction to President Cyril Ramaphosa’s Cabinet reshuffle. Some analysts welcomed the appointment of Nhlanhla Nene as minister of finance and Pravin Gordhan at public enterprises, but the retention of some ministers from the Zuma era was criticised. Analysts said most of the good news on Ramaphosa’s new Cabinet was already priced in, although the rand lost some ground even as the dollar lost ground against most major currencies. At 11.30am the R186 was bid at 8.045% from 8% and the R207 at 6.645% from 6.590%. The rand was at R11.6183 to the dollar from R11.5561. US government bonds were steady, with the 10-year treasury yield trading below 2.9% after the yield fell for a third consecutive day on Monday. This year’s rapid rise has prompted speculation that the 10-year yield is headed above 3% for the first time since 2013, Dow Jones Newswires reported. The 10-year yield clos...

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