"Local production is likely to pick up in the second half of the year as a weaker rand provides some, albeit limited, competitive boost,"
The rand pared its gains after Federal Reserve chairwoman
Bonds advanced as demand at yesterday's fixed-rate auction exceeded the amount of debt on offer by four times, according to central bank data.
Investors bid R9.46 billion for R2.35bn of debt, compared with the previous four weeks' average demand of R8.03bn, according to ETM Analytics.
Foreign investors sold a net R141 million of bonds on Monday after two days of buying. Foreigners bought R848m of equities, according to JSE data.
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