FUTURES Focus on rates
Futures trading appeared to be hinging on the interest rate structure, said Mr Geoff McDonnell, the manager of Mair Astley Futures, yesterday.
Both interest rate futures, Government stock and prime commercial paper (PCP) contracts, rose as rates fell on the physical market, and this decline could also mean that the New Zealand dollar may have peaked. It was another busy day for the Government stock contract as market sentiment seemed to be that yields on the physical market were on the decline.
The Government stock index rose 20 points, as did the PCP index across the board, he said.
The rate for 90-day commercial bills, the instrument on which the PCP is based, fell to its lowest level since January.
Trading was extremely quiet on the United States dollar contract as the Kiwi dollar firmed slightly. However, because interest rates appeared to be falling it might mean that the New Zealand dollar had peaked.
The wool contract was also quiet with the futures not really responding to any economic reports, he said.
Details of yesterday’s trading were:
Contracts traded: 227 Open pot 'on at April 11: Apr 870, May ■' , Jun 256, Sep 94,
Dec 28, Mar 7, Total 1687 (down 40).
•Contracts traded: 181 Open positions at April 11: Apr 32, May 202, Jun 102, Total 336 (up 38).
Open position at April 14: May 215, Aug 185, Oct 179, Dec 197, Jan 216, Mar 278, May 248, Aug 139, Oct 32, Total 1689 (down 4).
SUS CONTRACTS Mth Open H/L Last Vol Apr 1.8020 8090/8020 8060 5 May 1.8285 8295/8260 8295 13 Contracts traded: 18 Open positions at April 11: Apr 283, May 156, Jun 1, Sep 1, Total 441 (up 16). COMMERCIAL BILLS Mth Open H/L Last Vol Apr 7880 900/880 898 91 May 7920 955/920 950 103 Jun 8000 032/000 010 22 Sep 8032 032/032 032 5 Dec 8100 100/032 032 6
GOVERNMENT STOCK Mth Open H/L Last Vol Apr 8155 170/155 170 9 May 8165 180/152 175 137 Jun 8158 185/158 180 34 Sep 8200 200/200 200 1
WOOL FUTURES Mth Open H/L Last Vol Jan 525 525/525 525 7 Aug 545 545/545 545 2 Oct 545 545/545 545 2
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19860415.2.148.23
Bibliographic details
Press, 15 April 1986, Page 32
Word Count
368FUTURES Focus on rates Press, 15 April 1986, Page 32
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.