Chch futures seat

Press, 3 September 1986, Page 32

Chch futures seat

Christchurch gained its third seat on the Futures Exchange yesterday. Egden Wignail and Company Futures, Ltd, took the full membership formerly held by Marac International Futures, Ltd. NZI took over Marac, Ltd, earlier this year. NZI Futures has full membership of the exchange, whose rules state there can be only one full membership for each firm. A board meeting of the exchange yesterday approved the transfer of the membership, bought from Marac by Egden Wignall. Egden Wignall Futures has for some time been an associate member of the exchange, requiring to trade through a full member. Mr George Price, author of a series of columns on these pages on charting, has run Egden Wignall Futures. Financials weaker In trading yesterday, the financial contracts all weakened and wool strengthened. September U.S. dollar futures closed 25 points down on the Monday finish, but towards their highs. In PCPs, September closed three points down and October seven points lower. Government stock futures were three to seven points lower at the close. Wool contracts were on to two points firmer across the board. Overseas Mr Peter Jones, futures

manager of Buttle and Company, Auckland, said yesterday that futures on the Australian all-ordinaries index were showing much volatility at present. Each change in the index of a full point means sAustlOO a contract (with a deposit of sAust2soo). When the index moves about 12 points, as it did yesterday, there is plenty of excitement for the speculator. American oil futures are now selling about $U515.90 a barrel. Six weeks ago, when oil futures were about SUSIO.SO a barrel, Mr Jones drew attention to their potential. He now says they are a “buy” at SUSIO. SUS CONTRACTS Mth Open H/L Last Vol Sep 2.0515 .0574/485 .0565 23

Contracts traded: 23. Open positions at Sep 1: Sep 184, Oct 2, Dec 2, Mar 2, total 190 (up 2). COMMERCIAL BILLS Mth Open H/L Last Vol Sep 8355 355/344 345 38 Oct 8370 370/370 370 31 Contracts traded: 69. Open positions at Sep 1: Sep 734, Oct 201, Nov 12, Dec 532, Mar 413, Jun 118, Sep 48, Dec 45, Mar 47, Jun 10, total 2160 (down 21). GOVERNMENT STOCK Mth Open H/L Last Vol Sep 8359 359/354 357 232 Oct 8358 358/358 358 2 Dec 8369 371/365 368 168 Contracts traded: 402. Open positions at Sep 1: Sep 758, Oct 118, Nov 20, Dec 458, Mar 12, total 1366 (up 777).

WOOL FUTURES

Open positions at Sep 1: Oct 200, Dec 242, Jan 368, Mar 493, May 405, Aug 252, Oct 216, Dec 95, Jan 104, total 2375 (up 10). WHEAT No wheat futures contracts were traded yesterday. Open positions at Sep 1: Feb 15, Mar 28, May 19, total 62 (same). Aust, all ord.— September closed 16.0 points higher at 1199.0, a discount of 12.4 points to the physical market.

Mth Open H/L Last Vol Oct 544 544/544 544 2 Dec 533 533/533 533 2 Jan 534 534/534 534 1 Mar 536 538/536 538 9 May 540 542/538 541 18 Aug 550 550/550 550 2 Oct 552 552/552 552 5 Jan 551 551/551 551 2 Mar 554 554/554 554 5 Contracts traded: 46.