Flows into South African bonds turned positive in the last few days, although money is still being moved out of equities. In the 10 days to 29 March net non-resident purchasing of bonds, including repo, structured trades and other transactions, has totalled R9.3 billion ($1.4 bn) inflow, while non-resident investors in equities have taken out R1.6 bn. For much of 2011 (year to date) investors had followed the global trend of less appetite for emerging markets and there have been outflows from South African bonds and equities. Between 1 Jan and 29 March, net non-resident flows into bonds were outflows of R11.2bn, according to Citi, citing data from the JSE securities exchange. Foreign outflows from equities were another R1.5bn, totalling R12.7 bn. This compared with the record inflows of 2010, being a total inflow of R52.0 bn into all bonds and R37.4bn into equities, totalling R89.4bn.