Rand steady, government bonds gain

Johannesburg - The rand was steady on Thursday, while government bonds gained after a decline in oil prices and the European Central Bank decision not to accept Greek bonds raised doubts about the global economy.

At 08:38 the rand was trading at R11.48 to the dollar, little changed from Wednesday's closing level of R11.49.

Government bonds recovered from the previous day losses, with the yield for the 2026 benchmark down 5.5 basis points to 7.28%. The yield for the paper was up 16 basis points on Wednesday, its two-weeks high, as fixed income buyers cashed-in on a previous rally.

The markets were awaiting the US employment-related data later in the session as a preview to Friday's all important non-farm payrolls.

"The markets need a strong showing from tomorrow’s important US non-farm payrolls figure to dispel doubts about a global slowdown," RMB currency analyst John Cairns said in a note.

In local data, South Africa's Chamber of Commerce and Industry (Sacci) publishes its January business confidence index at 11:30.