FUTURES Contract launched
The five-year Government stock futures contract began trading yesterday. There were 22 trades of the contract unit: Government stock with a face value of $lOO,OOO, a coupon rate of 14 per cent a year, and a term to maturity of five years. Prices opened low, and closed on highs for the days, pretty much in line with physical prices on the Stock Exchange and money market. A prudent trader taking a long (buying) position could have made more than $l4OO on a contract as it rose 40 points. Dr Brent Layton, futures manager of John Marshall and Company, Ltd, said there was a “fair bit of wait and see” about the contract.
The U.S. dollar contract was volatile as the N.Z. dollar fell almost a cent on the foreign-exchange market and then rose again. The contract was busy, with 196 trades, 100
of them, with a total face value of SUSS million, in one transaction.
The market was up 170 points for the February contract, 220 points for March and 255 points for April. At $5 a point, there was plenty of excitement for the spec tors.P
The wool contract was buy, too, with 124 trades in what Dr Layton decribed as “good two-way business” (a balance of selling and buying positions). Trading in the short-term interest contract (PCPs) was very quiet. Details of yesterday’s tradinB: SUS CONTRACTS
Mth Open H/L Last Vol Feb 1.8900 .9150/900 9070 33 Mar 1.9050 .9275/050 9170 160 Apr 1.9350 .9455/350 9455 3 Contracts traded: 196.
Open positions at Feb 21: Feb 364, Mar 150, Apr 6, Jun 3, Sep 2, total 525 (up 24).
Contracts traded: 85. Open positions at Feb 21: Mar 1044, Apr 430, May 65, Jun 132, Sep 80, Dec 24, Mar 7, total 1782 (up 11).
GOVERNMENT STOCK Mth Open H/L Last Vol Mar 8065 105/065 105 4 Apr 8060 112/060 112 18 Contracts traded: 22.
Contracts traded: 124. Open positions at Feb 21: Mar 98, May 322, Aug 208, Oct 214, Dec 212, Jan 225, Mar 301, May 225, Aug 48, total 1853 (down 7).
COMMERCIAL BILLS Mth Open H/L Last Vol Mar 7625 625/618 624 16 Apr 7712 725/712 725 65 May 7875 875/805 805 4
WOOL FUTURES Mth Open H/L Last Vol Mar 510 510/510 510 1 May 514 515/514 515 19 Aug 531 532/531 532 14 Oct 531 533/531 533 11 Dec 533 533/532 532 18 Jan 531 533/530 532 15 Mar 538 539/538 539 14 May 543 543/542 543 17 Aug 555 555/553 555 15
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19860225.2.107.8
Bibliographic details
Press, 25 February 1986, Page 21
Word Count
423FUTURES Contract launched Press, 25 February 1986, Page 21
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in