Local government bonds strengthened on Tuesday afternoon, in line with local currency gains, after data showed a significant pickup in economic growth in 2017.Statistics SA said earlier that the economy grew 1.3% in 2017 on an annualised basis, well ahead of market expectations, and the treasury’s forecast of 1%.Globally, a risk-off tone had also reversed overnight, as investors shrugged off the likelihood of US President Donald Trump’s import tariffs being implemented.Planned US tariffs on aluminium and steel are facing opposition within Washington, with pushback from senior Republicans helping to soothe investor nerves, Dow Jones Newswires reported.The rand was also finding support from comments made by newly reappointed Finance Minister Nhlanhla Nene, who met analysts from ratings agency Moody’s on Monday.Nene was a market-friendly appointment, and his comments on SA’s economic outlook had also supported the rand, Peregrine Treasury Solutions analyst Bianca Botes said."We still, ...
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