FUTURES Barclays volatile

Press, 20 November 1987, Page 24

FUTURES Barclays volatile

The Barclays share price index futures contract (BSI) was extremely volatile yesterday, in spite of the quiet trading. Mr Matt O'Connell, a dealer for NZI Futures, said that the BSI at times had a spread of 30 points and the volatility was caused by the quiet volume. Usually, the trading spread was narrower. "A lot of investors are waiting for the volume to pick up. It’s a catch-22 situation, really.” The BSI contract moved from a 31 point premium to a 30 point discount to the physical index, finishing at 2190, 34 points off the low. The trading range was 92 points. Both interest rate contracts came under pressure yesterday, as traders considered that there was an over-

reaction on Wednesday to the slide in interest rates.

There was a slight correction to the Government stock (GSK) contract after Wednesday’s high as some profittaking took place. The bank-accepted bills (BAB) contract also came off its opening point, going sideways for the remainder of the day, he said.

The GSK contract failed to get above Wednesday’s close of 8482, ending at 8476 on a 14 point trading range. In Sydney, the December share price index futures closed higher at 1244.5 after falling to 1221.0 in early trade from 1234.0 at the finish on Wednesday. Details of yesterday’s trading were: SUS CONTRACTS Mth Open H/L Last Vol Dec 6290 290/285 285 3 Contracts traded: 3. Open positions at November 18: Jan 366, Mar 3, total 369 (up 11). COMMERCIAL BILLS Contracts traded: Nil. Open positions at November 18: Dec 40, Mar 39, Jun 10, total 89 (same). GOVERNMENT STOCK Mth Open H/L Last Vol Dec 8480 481/467 476 1220 Contracts traded: 1220. Open positions at November 18: Dec 2557, Jan 4, Mar 12, Jun 70, total 2643 (down 130). WOOL Mth Open H/L Last Vol Dec 650 665/650 665 6 Jan 690 690/690 690 3 Mar 715 715/715 715 10 May 730 730/730 730 12 Aug 750 750/750 750 2 Contracts traded: 33. Open positions at November 18: Dec 82, Jan 304, Mar 353, May 320, Oct 1, Dec 2, total 1094 (up 6). SO-DAY BANK BILLS Mth Open H/L Last Vol Dec 8325 8325/8295 8322 259 Jan 8345 8345/8330 8340 43 Feb 8355 8355/8355 8355 5 Mar 8350 8450/8350 8385 38 Jun 8400 8400/8400 8400 1 Sept 8420 8420/8420 8420 1 Contracts traded: 347. Open positions at November 18: Dec 95, Jan 251, Feb 85, Mar 327, Jun 176, Sep 165, Dec 180, Mar 27, Jun 12, total 2174 (up 92).

SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Dec 1234 1249/21 1244 1060 Mar — 1248/48 1248 200 Contracts traded: 1260. Open positions at November 18: 9147. BARCLAYS SHARE INDEX Mth Open H/L Last Vol Dec 2156 248/156 190 104 Mar 2335 335/335 335 1 Contracts traded: 105. Open positions at November 18: Dec 885, Mar 12, total 897 (up 44).