Bonds weaken, rand steady, eyeing Greece-continued

February 8, 2012--South Africa's government bonds fell further on Wednesday while the rand steadied despite reports the government is considering a mining wealth fund that could be used to cap the currency's gains, and as markets awaited news of a new Greek bailout.
Bond yields rose for a third day, with the 2015 bond yield rising five basis points to 6.58 percent and that on the 2026 issue up 6.5 basis points to 8.32 percent, as profit-taking following strong gains last week was extended.

"The market went too far at the end of January and beginning of February so this is just a bit of correction," said Ian Scott, a bond dealer at Stanlib.

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Source: FIN24

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