Exceptional Bond Market Turnover in January
02 February 2007 | Investments | General | Bond Exchange of South Africa / Arcay Financial Co
Bond turnover in South Africa's bond market during January was R1,1 trillion, marginally below the highest turnover achieved in October 2006.
"This has far exceeded bond traders' expectations, and indeed, those of the Bond Exchange of South Africa (BESA)," commented Garth Greubel, CEO of BESA. "January's turnover began rising towards mid-month.
January saw turnover almost double that of January 2006 with an additional daily turnover record of R114,7 billion achieved, contributed mostly by turnover in the benchmark R153 bond.
The increased demand for local credit over the past year, spurred on by growth in the South African economy and an increasing interest by foreigners, contributed positively to the growth in bond turnover.
