Futures Barclays hit hard
The Barclays share price index futures contract crashed to a discount against the physical yesterday, as share prices retreated on the New Zealand Stock Exchange. The contract lost a large 7.3 per cent on Friday’s close, 269 points, or $5380. However, the contract actually opened 79 points lower at 3595 compared with Friday’s close, and this turned out to be its high for the day. The managing director of Egden Wignail and Company Futures, Dr Brent Layton, said that the sharemarket had looked sick in the morning. ' However, the market recovered, as did futures, when there were signs that interest rates were easing. But, the market was sharply bearish in the after-
noon as interest rates finned again, he said. The discount to the physical was 25 points, compared with a premium of 90 points on Friday, and the contract ended 1 point off its low at 3405 for a trading spread of 191 points.. ■ sus CONTRACTS Contracts traded: Nil. 1 Open positions at October 16: Nov 212, Mar 3, total 215 (up 1). COMMERCIAL BILLS Contracts traded: Nil. Open positions at October 16: Dec 40, Mar 39, Jun 10, total 89 (same). GOVERNMENT STOCK Mth Open H/L Last Vol Dec 8399 405/392 392 352 Contracts traded: 352. Open positions at October 16: Dec 2006, Jan 70, total 2076 (down 12). WOOL Contracts traded: Nil. Open positions at October 16:
Oct 11. Dec 93. Jan Mar 318. May 250, Aug 31, Oct 1, Dec 2, total 988 (down 1). M-DAY BANK BILLS Mth Open H/L Lari Vol Nov 8035 035/010 015 136 Dec 8045 050/020 025 76 Mar 8150 150/150 150 2 Contracts traded: 214. Open positions at October 16: Nov 463, Dec 596, Jan 20, Mar 242, Jun 159. Sep 152, Dec 137, Mar 26, Jun IX total 1807 (down SYDNEY ALL-ORDS (half-points omitted) Prev. ’• \ Mth close H/L Last Vol Dec 2131 2120/03 2006 4529 Contracts traded: 4529. '. Open positions at October 16: 5934. BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Dec 3595 595/404 3405 1182 Contracts traded: 1182. Open positions at October 16: Dec 1050, Mar 2, total 1 1052 (up 35). ’
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Press, 20 October 1987, Page 25
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359Futures Barclays hit hard Press, 20 October 1987, Page 25
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