Futures edgy
The dive of the Australian dollar by two United States cents hung over tjie New Zealand futures market yesterday.
The United States dollar futures closed 145 points (SNZ72S a contract) as the New Zealand dollar fell 80 points in sympathy with the Australian currency. Speculators are now asking what effects the fall of the Australian dollar will have on the currencies and investment of both countries, as many overseas institutions lump the nations together in an investment category.
Falling bond yields overseas are another wild card in the direction of New Zealand financial futures. Short-term interest futures (PCPs) were firm yesterday, but Government stock futures returned to a bearish mood.
August PCP closed five points up on the Wednesday close; December was up 20 points. The August Government stock contract closed six points down on the Wednesday close. September was down five points and December was two points lower. Wool contracts were lightly traded and largely unchanged. The first wool auction of the season yesterday yielded a 35F2D (futures-type wool) price of 530, but this was not fleece wool. A futures broker suggested the auction result was much Approval Chase Corporation, Ltd, has received the approval of the Commerce Commission to acquire up to 100 per cent of Thoroughbred Holdings, Ltd.
as futures traders had anticipated.
Wheat was dead quiet and unchanged, with one August trade only at $212. Details of yesterday’s trading: SUS CONTRACTS Mth Open H/L Last Vol Aug 1.8700 .8860/700 .8830 28 Contracts traded: 28. Open positions at July 23: Aug 253, Sep 5, Dec 1, total 259 (up 3).
(up 14). WHEAT Mth Open H/L. Last Vol May 212.0 212.0/212.0 212.0 1 Contracts traded: 1 Open positions at July 23: Feb 15, Mar 30, May 19, total 64 (up 1). .
COMMERCIAL BILLS Mth Open H/L Last Vol Aug 8330 335/325 330 52 Sep 8322 322/320 320 17 Oct 8325 330/325 330 10 Dec 8360 365/360 365 10 Contracts traded: 89 Open positions at July 23: Aug 529, Sep 536, Dec 509, Mar 390, Jun 118, Sep 48, Dec 45, Mar 47, Jun 10, total 2232 (up 128). GOVERNMENT STOCK Mth Open H/L Last Vol Aug 8343 348/338 338 169 Sep 8348 348/339 339 38 Dec 8350 350/350 350 3 Contracts traded: 210 Open positions at July 23: Aug 646, Sep 174, Oct 19, Dec 52, total 891 (up 22) WOOL FUTURES Mth Open H/L Last Vol Aug 513 530/513 530 5 Dec 525 525/524 524 9 Mar 528 528/528 528 2 Contracts traded: 16 Open positions at July 23: Aug 94, Oct 225, Dec 236, Jan 278, Mar 425, May 355, Aug 256, Oct 201, Dec 65, Jan 41, total 2176
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Press, 25 July 1986, Page 11
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447Futures edgy Press, 25 July 1986, Page 11
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