It was the turn of bond markets on Monday to be the focus of a local selloff as investors globally turned their backs on fixed income amid speculation that an acceleration in inflation might be more than transitory.

As the rand held at a slightly weaker level close to R15/$, yields on the country’s 10-year bonds, which move inversely to the price, reached their highest level since May. The 12 basis point increase in the yield was the most since June, with local assets also put under pressure by oil at two-year highs and Europe facing an energy crisis...

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