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South African bonds were little changed on Wednesday morning, as the markets waited to see whether speculation of an imminent resignation by President Jacob Zuma would turn out to be true.
The rand was firmer on Wednesday morning, with analysts expecting bonds to trade in tight ranges ahead of any presidential press conference. Globally, the major risk event is the release of US inflation data for January, expected at 3.30pm South African time.
Overnight, there was a flow into safe-haven assets ahead of the inflation data, with treasuries and gold advancing, said Rand Merchant Bank bond analyst Michelle Wohlberg. At 9.30am, the benchmark R186 was bid at an unchanged 8.44% and the R207 was at 6.985% from 7.025%.
The rand was at R11.9002 to the dollar from R11.9629. – BusinessLive
Online Reporter