FUTURES Barclays takes the fall

Press, 12 June 1987, Page 22

FUTURES Barclays takes the fall

The Barclays industrial index yesterday finally did what many futures traders had been willing it to do for days, and that was to fall. In spite of keen buying for Brierley and Chase from Australian investors, share prices fell yesterday, with the Barclays industrial index losing 16 points. The Barclays share price futures contract remained at an 8 point discount to the physical, closing 7 points off its low at 3057 for June. The high was 3085. The manager for Jordan Sandman Futures, Mr David Halligan, said that he expected two to three days of downside in the sharemarket after the extensive gains of the last fortnight The Government stock (GSK) contract had become a "natural sell” earlier in the day as book squaring was finished after Wednesday's mandatory closeout for June — leaving remaining investors the choice of either moving to September or selling physical stock; The GSK was firmer at the close and it looked likely that

the bullish trend was about to resume, he said. The bank-accepted bills (BAB) contract would be inhibited by next week’s Treasury bill tender, which would tend to hold interest rates. Mr Guy Spooner, a trader for Marshall Futures, said that prices at Wellington’s wool auction and wool futures were firmer in spite of the strong New Zealand dollar. The near months. August to October, looked steady, but there was uncertainty about December outwards because it was a new season and there were new demands. However, Marshall’s expected the kiwi to be a lot lower, he said. In Sydney, the June share price index futures closed 16.9 points higher at 1838.9. Details of yesterday’s trading were: > SUS CONTRACTS Mth Open H/L Last Vol Jly 1.7200 7250/7180 7180 127 Sep 1.7575 7575/7500 7500 5 Contracts traded: 132 Open positions at June 10: Jly 189, Sep 99, total 2SB (up 142). COMMERCIAL BILLS Contracts traded: Nil Open positions at June 10: Sep 43, Dec 0, Mar 39, Jun 10, total 132 (down 109). GOVERNMENT STOCK Mth Open H/L Last Vol Sep 8430 443/429 435 487 ' Contracts traded: 487 Open positions at June 10: Sep 2834. Dec 101, total 2935 (up 321). WOOL

Contracts traded: 13 Open positions at June 10: Aug 132, Oct 92, Dec 126, Jan 337, Mar 334, May 171, Aug 25, total 1217 (down 5). M-DAY BANK BILLS Mth Open H/L Last Vol Jly 8055 070/050 069 84 Contracts traded: 84 Open positions at June 10: Jly 320, Aug 50, Sep 455, Dec 101, Mar 109, Jun 50, Sep 50, Dec 50, Mar 10, total 1195 (up 95). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Jun 1822 1839/16 1838 1914 Sep 1858 1878/57 1876 765 Contracts traded: 2679 Open positions at June 10: 16,856. BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Jun 3075 085/050 057 801 Sep 3180 185/180 185 3 Contracts traded: 804 Open positions at June 10: Jun 1478, Sep 12, Dec 82, total 1572 (up 159).

Mtb Open H/L Last Vol Dec 680 680/680 680 3 Mar 703 703/700 700 5 May 710 710/710 710 2 Aug 716 716/716 716 3