Futures

Press, 13 March 1987, Page 11

Futures

If share index futures continue to fall today they may test a resistance level of 3180, says Mr Geoff McDonnell, futures manager of Mair Astley, Ltd. The March share index futures contract closed 32 points down on Wednesday, at 3205 yesterday, compared with a 19.30 point fall in the Barclay’s share index. The futures are still at a premium, but only just: 0.15 per cent. If the share futures go through 3180 there could be a major fall, Mr McDonnell says. Government stock yields in the physical market were up 0.4 percentage points yesterday, and this precipitated a further weakening of the GSK futures index, Mr McDonnell said.

The main trading was in the June contract, which closed 17 points down on the Wednesday close, and indicating a stock yield of 17.96 per cent.

With the strength of the New Zealand dollar yesterday (through U.S. 57 cents at the close), 58 U.S. cents “could be on” for the currency today, Mr McDonnell believes.

At the close, U.S. dollar futures were up 210 points on the Wednesday close, a movement of $lOlO a contract. This was despite the strengthening of the kiwi dollar on the foreign exchange market. However, the futures closed on their lows for the day. Wool futures continue to hold at high levels in spite of the strong New Zealand dollar. The indications are that there will be good returns for growers. Special room Mair Astley Futures in its new building near the Bridge of Remembrance, has opened a room for customers where they can watch futures trading on slave monitors. The room also has a Reuters monitor, giving traders updates of interest rates, and foreign exchange.

“They can even watch movement in the top-40 share prices,” says Mr McDonnell. And to show that print still lives, there’s a copy of “The Press.” Details of yesterday’s trading: SUS CONTRACTS Mth Open H/L Last Vol Apr 1.7860 7860/7800 7800 31 Contracts traded: 31. Open positions at Mar II: Apr 18, May 12, Jun 1, total 31 (down 410). COMMERCIAL BILLS Mth Open H/L Last Vol Contracts traded: Nil. Open positions at Mar 11: Jun 123, Sep 43, Dec 40, Mar 39, Jun 10, total 255 (down 267). GOVERNMENT STOCK Mth Open H/L Last Vol Apr 8180 180/178 178 2 Jun 8210 216/204 204 496 Contracts traded: 498. Open positions at Mar 11: Apr 2, Jun 1309, Dec 117, total 1428 (down 1997).

Mar 666 666/666 666 5 Contracts traded: 51. Open positions at Mar II: Mar 3, May 235, Aug 197, Oct 170, Dec 140, Jan 237, Mar 225, May 106, Aug 11, total 1324 (up 9). WHEAT Mth Open H/L Last Vol Contracts traded: Nil. Open positions at Mar 11: Same. 90-DAY BANK BILLS Mth Open H/L Last Vol Apr 7480 502/460 501 67 May 7600 630/595 620 71 Jun 7740 745/740 745 34 Contracts traded: 172. Open positions at Mar 11: Apr 225, May 97, Jun 141, Sep 46, Dec 44, Mar 53, Jun 40, Sep 40, Dec 40, total 726 (down 469). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Mar 1630 1633/10 1633 2705 Jun 1625 1628/08 1626 191 Contracts traded: 2896. Open positions: 12,685. BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Mar 3215 235/195 205 337 Contracts traded: 337. Open positions at Mar 11: Mar 1975, Jun 47, total 2022 (up 127).

WOOL Mth Open H/L Last Vol May 612 612/612 612 2 Aug 645 645/645 645 8 Oct 650 650/650 650 10 Dec 655 655/655 655 15 Jan 655 655/655 655 11