FUTURES GSK off bottom
Government stock futures continued to fall yesterday, reflecting rising physical interest rates. December stock futures were down nine points at the close and January futures were down 22 points. Volume was again heavy — more than 1300 trades. However, as a spokesman for the Auckland broker, Buttle and Company, points out, the fact that GSK contracts finished at or just off their high may indicate the market is bottoming out.
The December GSK contract was yesterday indicating yield on five-year Government contracts of between 17.14 and 17.34 per cent. (Five-year stock on the physical market reached 17.3% yesterday).
The kiwi dollar firmed on the Wellington foreign-ex-change market yesterday, perhaps in reaction to the firming interest rates.
U.S. dollar futures eased, December closing 95 points lower and January 55 points down.
Overseas, the Buttle spokesman said. American T-bills had eased down through the 100 mark. Heating oil was up 36c and the spread backing dearer heating oil and cheaper crude was still working. OPEC seemed to be accepting that output would have to be restricted if the price of oil were to move to its goal of SUSIB a barrel. Gold prices were shaky the spokesman said and a prudent strategy might be to take short (selling) positions on any rallies in the bullion price. On the Sydney Futures Exchange yesterday spot December share price index futures contracts finished 19.0 points up at 1352.5. Details of yesterday’s trading in New Zealand: JUS COiNTRACTS Mth Open H/L Last Vol Dec 1.9265 9285/250 9265 62 Jan 1.9470 9470/470 9470 40 Contracts traded: 102. Open positions at Nov 25: Dec 264, Jan 72, Mar 3, total 339 (up 10).
COMMERCIAL BILLS Mth Open H/L Last Vol Dec 8040 040/020 020 30 Jan 8100 100/100 100 5 Contracts traded: 35. Open positions at Nov 25: Dec 515, Jan 1, Feb 5, Mar 333, Jun 124, Sep 47, Dec 45, Mar 47, Jun 10, total 1127 (down 13). GOVERNMENT STOCK Mth Open H/L Last Vol Dec 8281 286/266 285 1127 Jan 8280 288/280 288 3 Mar 8295 310/295 307 188 Contracts traded: 1318. Open positions at Nov 25: Dec 3534, Jan 7, Mar 283, total 3824 (up 271).
Contracts traded: 33. Open positions at Nov 25: Dec 191, Jan 326, Mar 546, Mav 556, Aug 254, Oct 203, Dec 126, Jan 183, Mar 131. May 27. total 2543 (down 1). WHEAT FUTURES Mth Open H/L Last Vol Contracts traded: nil. Open positions: same.
WOOL FUTURES Mth Open H/L Last Vol Dec 557 557/557 557 1 Jan 547 547/547 547 2 Mar 548 549/548 548 10 May 551 553/551 552 16 Aug 565 565/565 565 I May 577 577/577 577 3
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Press, 27 November 1986, Page 26
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447FUTURES GSK off bottom Press, 27 November 1986, Page 26
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