FUTURES PCPs lift: GSK down

Press, 2 September 1986, Page 30

FUTURES PCPs lift: GSK down

PCP (short-term interest) futures rose yesterday as physical rates weakened. The September contract closed three points firmer than on Friday. October was 12 points up and March was five points up. Mr Peter Dumbieton, of Mair Astley Futures, said the rise was caused by a fall in physical short-term interest rates (the futures indices move inversely to the physical market). The physical rates were down 0.05 percentage points from Friday, but of more significance was the fall in the call rate (at 10.30 a.m.) to 14.6 per cent. Government stock (GSK) points finished on their lows. The September GSK contract closed nine points lower than on Friday, and October was down 11 points. “They were quite bearish late in the afternoon,” Mr Dumbieton said. However, they were “right in line” with physical-market yields. U.S. dollar futures had their usual quiet Monday, when overseas exchanges are closed.

The September dollar futures contract closed 20 points ($NZ100) up on the Friday close. Mr Dumbieton pointed out that September 1 was the Labour Day holiday in America, so dollar futures trading was likely to be quiet again today. The Reserve Bank N.Z. dollar index was at 60.2 at 3 p.m. yesterday, compared with its 62.7 level just before the currency was floated. Wool futures were firm — about 2c up across the board at the close, compared with the Friday close. August details During August 9812 contracts, valued at $993M, traded on the Futures Exchange, the International Commodities Clearing House said in Auckland yesterday. The breakdown was: • Prime commercial paper contract traded 1880 contracts valued at $361,270,676.35. • U.S. dollar contract traded 820 contracts valued at $81,706,265.

• N.Z. crossbred wool contract traded 946 contracts valued at $12,668,825. ® Five-year Government bond contract traded 6147 contracts valued at $537,269,868.51. ® Wheat contract traded 19 contracts valued at $158,720. SUS CONTRACTS Mth Open H/L Last Vol Sep. 2.0520 .0590/520 .0590 8 Oct. 2.0720 .0740/720 .0740 2 Contracts traded: 10. Open positions at Aug 29: Sep 184, Dec 2, Meh 2, total 188 (up 6). COMMERCIAL BILLS Mth Open H/L Last Vol Sep. 8348 350/347 348 71 Oct. 8370 377/370 377 35 Meh 8390 390/390 390 2 Contracts traded: 108. Open positions at Aug 29: Sep 780, Oct 178, Nov 12, Dec 532, Mar 411, Jun 118, Sep 48, Dec 45, Meh 47, Jun 10, total 2181 (up 2). GOVERNMENT STOCK Mth Open H/L Last Vol Sep. 8365 372/360 360 242 Oct. 8365 365/361 361 11 Dec. 8385 385/370 375 190 Contracts traded: 443. Open positions at Aug 29: Sep 698, Oct 107, Nov 20, Dec 452, Mar 12, total 1289 (up 60). WOOL FUTURES Mth Open H/L Last Vol Dec. 530 532/530 532 6 Jan. 532 534/532 534 11 Meh 534 536/534 536 10 May 540 540/540 540 8 Oct. 550 551/550 551 2 Contracts traded: 37. Open positions at Aug 29: Oct 200, Dec 242, Jan 368, Mar 490, May 397, Aug 252, Oct 217, Dec 95, Jan 104, total 2365 (up 5). WHEAT Mth Open H/L Last Vol Contracts traded: 0. Open positions at Aug 29: Feb 15, Mar 28, May 19, total 62 (same).