FUTURES Barclays off lows

Press, 25 September 1987, Page 12

FUTURES Barclays off lows

Although trading was soft on the floor of the sharemarket yesterday, the Barclays share price index futures contract was showing signs of support.

Mr Simon Gerrie, a dealer for Jordan Sandman Futures, said that the support was coming out of Wellington, but he was uncertain whether the traders were short covering or taking up new longs. “My hunch is that it is short covering,” he said. The September month had moved back into a premium and it should stay that way until the mandatory closeout on Tuesday. It was possible that the December futures contract could go to 4100 and the Barclays physical index to 4000, but if new highs were not achieved then the market could slip back as low as 3600, he said. The September month moved from a two point discount to a premium of 35 points, and December rose to a 249 point margin compared with 190 in the previous session.

The Government stock contract was mildly firmer, but it looked like it could go lower as interest rates firmed because of book-squaring at the end of the month.

The trend for the wool contract was softer in nearer months, but after May ’BB it was fairly well supported because of the expectations of a wool shortage. The contract was untraded yesterday. On the Sydney Futures Exchange, the September share price index futures swung wildly, closing lower at 2280.0 from 2286.0 after hitting a high of 2303.0. Details of yesterday's trading were: JUS CONTRACTS Mth Open H/L Last Vol Contracts traded: Nil.

Open positions at September 23; Oct 1, Mar 3, total 4 (same). COMMERCIAL BILLS

Mth Open H/L Last Vol Contracts traded: Nil.

Open positions at September 23: Dec 40, Mar 39, Jun 10, total 89 (same). GOVERNMENT STOCK Mth Open H/L Last Vol Dec 8407 411/407 409 108

Contracts traded: 108. Open positions at September 23: Dec 997, Mar 10, Jun 70, total 1077 (up 54). WOOL Mth Open H/L Last Vol Contracts traded: Nil. Open positions at September 23: Oct 24, Dec 96, Jan 314, Mar 341, May 252, Aug 30, Oct 1, Dec 2, total 1060 (down 10). 99-DAY BANK BILLS Mth Open H/L Last Vol Oct 8090 100/087 087 45 Contracts traded: 45. Open positions at September 23: Oct 535, Nov 197, Dec 336, Mar 225, Jun 164, Sep 132, Dec 137, Mar 26, Jun 12, total 1764 (up 6).

SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 2286 2303/80 2280 702 Dec 2345 2385/51 2373 615 Contracts traded: 1317. Open positions at Open positions at September 23, 10,153.

BARCLAY'S SHARE INDEX Mth Open H/L Last Vol Sep 3860 875/830 855 257 Contracts traded: 623.

Open positions at September 23: Sep 863, Dec 610, total 1473 (up 38).