South African bonds were stronger at midday on Monday, taking their cue from a marginally stronger rand amid subdued trade ahead of the local medium-term budget policy statement this week. Finance Minister Pravin Gordhan will deliver the policy statement in Parliament on Wednesday. The rand was about 17c stronger at R13.8548 against the greenback at midday from R14.0278/$ on Friday. The rand was firmer despite a stronger dollar, as some positive sentiment prevailed in the forex market after news over the weekend that fraud charges against Gordhan and other South African Revenue officials might be withdrawn. Bonds moved stronger in tandem with the rand. At 11.38am the R186 was bid at 8.7800% from 8.8100% on Friday. The R207 was bid at 8.030% from 8.070% on Friday. Bonds were firmer on Monday after weakening on Friday after the rand fell beyond the R14/$ mark, after being hammered by risk-off trade in China. China, SA’s top trading partner, recorded falling exports in September and co...
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