MARKET WRAP: Rand weaker as SA continues to battle Covid-19 pandemic

The rand and SA bonds weakened on Monday as foreigners sold local assets in the wake of record numbers of Covid-19 cases, while President Cyril Ramaphosa is expected to address the nation in the evening on the latest virus developments.

The R2030 government bond weakened, with the yield rising five basis points to 8.84%, the highest since December 29 2020, as foreigners reduce their holdings of SA government debt. Bond yields move inversely to their prices. ..