FUTURES Quiet trading

Press, 13 January 1987, Page 27

FUTURES Quiet trading

Futures trading began the week on an extremely-quiet note yesterday. Even the Government stock (GSK) contract, the most active of the seven on the New Zealand Futures Exchange, was down to 122 lots done. The manager of. Mair Astley Futures, Mr Geoff McDonnell, said yesterday that the GSK index rose as interest rates eased slightly on the secondary Government stock market This could be considered to be an abnormality as term rates began to go up late in the day. The late rise in term rates caused furious trading in the final 20 minutes for the bank accepted bills (BAB) contract, and the index dropped about 40 points off its highs across the board. The share index contract was also quiet, reflecting that trading on the New Zealand Stock Exchange had yet to get into gear after the holidays, Mr McDonnell said. If anything, the contract showed up the nervousness of the sharemarket as investors adopted a waiting attitude.

The Barclays share index had dropped more than it had gained in the first six days of trading, which could indicate a downward trend emerging. The United States dollar contract had a quiet day as the kiwi firmed, in spite of one or two bearish reports which created some uncertainty about the New Zealand currency. The wool contract held Friday’s level and prices and lacked direction, Mr McDonnell said. Details of yesterday’s trading were: JUS CONTRACTS Mth Open H/L Last Vol Jan 1.8700 8700/8600 8610 88 Mar 1.9046 9046/9046 9046 1 Contracts traded: 89. Open positions at Jan 9: Jan 497, Feb 32, Mar 22, total 551 (up 6). COMMERCIAL BILLS Mth Open H/L Last Vol Jan 7850 850/850 850 1 Contracts traded: 1. Open posiUons at Jan 9: Jan 6, Feb 5, Mar 349, Jun 123, Sep 43, Dec 40, Mar 39, Jun 10, total 615 (same). GOVERNMENT STOCK Mth Open H/L Last Vol Mar 8305 321/305 319 122 Contracts traded: 122 Open positions at Jan 9: Jan 17, Mar 2758, total 2775 (up 178).

Open positions at Jan 9: Jan 69, Mar 295, May 516, Aug 203, Oct 184, Dec 140, Jan 208, Mar 174, May 95, total 1884 (down 12). WHEAT Mth Open- H/L .Last Vol Mar 2200 2200/2200 2200 1 Contracts traded: 1. Open positions at Jan 9: Feb 17, Mar 25, May 18, total 60

Contracts traded: 100. Open positions at Jan 9: Jan 748, Feb 44, Mar 160, Jun 26, Sep 16, Dec 21, Mar 21, Jun 20, Sep 20, Dec 20, total: 1096 (up 5). BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Jan 3750 759/750 759 5 Mar 3770 780/768. 776 66 Contracts traded: 71. Open positions at Jan 9: Jan 23, Mar 97, total 1200.

WOOL Mth Open H/L Last Vol Jan 570 570/570 570 I Mar 572 572/572 572 1 May 595 595/594 594 14 Dec 605 605/605 605 2 Contracts traded: 18.

(same). M-DAY BANK BILLS Mtn Open H/L Last Vol Jan 7765 765/700 700 35 Feb 7850 850/780 780 5 Mar 7925 959/800 900 43 Jun 8150 150/110 110 17