FUTURES BSI contract ends strongly

Press, 3 December 1987, Page 33

FUTURES BSI contract ends strongly

The Barclay’s share index futures finished strongly yesterday as the physical market weakened again. The December BSI contract finished the day 15 points up at 1960. This was a 94 point discount to the physical, 50 points less than Tuesday’s discount at the close.

“There’s no sign of a turnaround (on the physical market),” one Wellington futures dealer said. “The mood is still very pessimistic.”

He said the mood of the New Zealand sharemarket was closely tied to Wall Street, but could not explain why the domestic market fell yesterday when New York firmed on Tuesday (early yesterday N.Z. time).

The dealer said that until the U.S. resolved its deficit problems world financial markets would remain volatile.

“Things are either going to get very hairy or the U.S. is going to sort out its deficit mess,” he

said. Interest rate futures firmed again yesterday as the trend for interest rates continued to point downward.

The December Government Stock futures contract closed at 8484, a mere six points below its high for the year of 8490. “Today was the third time the market tried to break the 8490 point mark since November 18,” the Wellington dealer said. “There’s a little bit of resistance around that level but it should be broken reasonably easily,” he said. The dealer said the next resistance level will be 8500. “That could be broken tomorrow though,” he said. Before the market consolidates above 8500 it could come back a long way, he added. "Technically there’s a

lot of support at the 8460 level so it won’t drop below that,” he said. In Sydney, spot December share price index futures closed at a 3.7 point discount to the physical market at 1304.0 yesterday from Tuesday’s close of 1279.0. SUS CONTRACTS Mth Open H/L Last Vol Dec 5525 568/525 5568 240 Contracts traded: 240. Open positions at December 1: Dec 169, total 169 (same). COMMERCIAL BILLS Mth Open H/L Last Vol Contracts traded: Nil. Open positions at December 1: Dec 40, Mar 39, Jun 10, total 89 (same). GOVERNMENT STOCK Mth Open H/L Last Vol Dec 8485 488/480 8484 673 Mar 8530 530/515 8522 70 Contracts traded: 743. Open positions at December 1: Dec 2512, Mar 119, Jun 70, total 2701 (down 13).

Contracts traded: 9. Open positions at December 1: Dec 75, Jan 287, Mar 342, May 317, Aug 34, Oct 1, Dec 2, total 1058 (down 3).

Contracts traded: 255. Open positions at December 1: Dec 797, Jan 351, Feb 80, Mar 339, Jun 206, Sep 165, Dec 184, Mar 27, Jun 12, total 2161 (down 4). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Dec 1279 306/265 304 546 Mar 1259 299/299 299 1 Contracts traded: 547. Open positions at December 1: 8778. BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Dec 2006 015/890 960 214 Mar 2010 050/000 000 5 Contracts traded: 219. Open positions at December 1: Dec 415, Mar 14, total 429 (up 44).

WOOL Mth Open H/L Last Vol Dec 645 645/630 630 . 4 Jan 662 662/662 662 4 May 695 695/695 695 1

SO-DAY BANK BILLS Mth Open H/L Last Vol Dec 8341 345/305 320 133 Jan 8335 340/315 325 78 Feb 8340 340/337 340 11 Mar 8375 375/355 355 18 Jun 8420 420/410 410 6 Sep 8415 415/415 415 4 Dec 8425 435/425 435 5