FUTURES Deal worth $18M

Press, 19 December 1985, Page 34

FUTURES Deal worth $18M

The crossing of 90 contracts in one deal worth $lB million in prime commercial paper (PCP) futures was the highlight of futures trading yesterday, said Dr Brent Layton, spokesperson for Marshall Futures. The rumour on the market was that it was an arbitrage deal for March arranged between a New Zealand merchant bank and a New York broker, he said. The contract deal was set at

Milk merger Bay Milk Products, Ltd, the country’s fourth largest dairy company, came into being while two long standing companies went into voluntary liquidation. Formation of the new company follows voting by shareholders of Te Pukebased Bay of Plenty Co-op Dairy Association, Ltd, and Edgecumbe-based Rangitaiki Plains Dairy Co, Ltd, (RPD) on the merger.

7935 points, representing a rate of 20.65 per cent. United States dollar contract prices fell as the New Zealand dollar firmed yesterday, but trading was not volatile as the Kiwi moved in a flat patch between U550.25C and SUSSO.7Sc. The December contract had closed at 2.0450 on Tuesday, but ended at 1.9800 yesterday, for a drop of 650 points, or $3250. The wool contract opened 8c

Matiri-1 The Matiri-1 well near Murchison was at a depth of 1137 m at 6 a.m. yesterday, Petrocorp reported. Drilling was continuing.

Hbng Kong Impala Pacific shares traded at SHKI4 and industrial Equity Pacific at SHK29 in Hong Kong yesterday.

lower as the New Zealand dollar firmed against the United States dollar, but also because there was the realisation that although the Kiwi was still weaker against European currencies where the main wool buyers were. There was also growing apprehension in the market that today’s wool auction would see higher prices which was bad news for those holding short positions, so this had caused renewed short covering, Dr Layton said. Details of yesterday’s trading were: SUS CONTRACTS Mth Open H/L Last Vol Dec 1.9850 9850/9800 9800 4 Jan 2.0100 0140/0025 0140 54 Contracts traded: 58 Open position at December 17: Dec 215, Jan 193, Feb 3, Mar 1, Jun 1, Sep 1, total 415 (up 11). COMMERCIAL BILLS Mth Open H/L Last Vol Jan 7930 8005/7920 962 55 Feb 7930 995/915 965 55 Mar 7900 970/900 935 183 Contracts traded: 293 Open position at December 17: Jan 522, Feb 380, Mar 661, Jun 83, Sep 72, Dec 41, total 1759 (up WOOL FUTURES

May 545 551/542 551 21 Contracts traded: 111 Open position at December 17: Jan 126, Mar 214, May 389, Aug 226, Oct 214, Dec 212, Jan 196, Mar 296, May 156, total 2029 (up 3).

Mth Open H/L Last Vol Jan 501 505/501 505 14 Mar 513 520/513 520 3 May 516 525/516 525 10 Aug 531 541/531 541 15 Oct 532 541/532 541 11 Dec 538 541/538 541 6 Jan 535 541/535 541 12 Mar 540 547/540 547 19