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South African bonds firmed on Wednesday morning, as US treasuries and global equity markets rebounded from their recent precipitous fall.
Local bonds benefited on Tuesday, but there has been some volatility in the market as internal ANC battles over the presidency continue. Reports on Wednesday suggested a nascent deal between President Jacob Zuma and ANC president Cyril Ramaphosa had been struck.
An ANC national executive committee (NEC) meeting scheduled for Wednesday has now been rescheduled for February 17.
“Headlines will be critical … today with the lack of data this week, and we could be in for a volatile day,” said TreasuryOne dealer Andre Botha.
At 9.30am the bid on the R186 was at 8.39% from 8.47% and the R207 was at 6.98% from 7.05%. The rand was at R11.8983 to the dollar from R11.9254. The US 10-year treasury was last seen at 2.7729% from 2.7060%. – BusinessLive
Bongani Ndlovu