GSK futures testing highs

Press, 22 January 1988, Page 23

GSK futures testing highs

Interest rate futures firmed again yesterday, with Government Stock contracts testing new highs. The March Government Stock contract moved up to 8569 before closing at 8565, against its 8558 close on Wednesday. On the physical market, July 1992 stock eased to 14.80 per cent, but dealers said further falls in yields were dependent on liquidity during the March tax take. March bank bill futures opened slightly lower at 8320 and traded down to 8310 against Wednesday’s close of 8330. On the physical market, 90-day bank bill yields firmed to top 17 per cent. Trading in the Barclays share price index futures contract was thin again

yesterday, although with 33 contracts traded volume was the highest so. far this week. One Auckland dealer said the lack of performance by the Barclays physical index was leading to the fall-off in BSI futures contract activity. The unusual volatility in interest rate futures was also drawing traders away from the BSI contract, he said. The March share index contract fell sharply, largely due to the 57 point fall in Wall Street overnight and the receivership of listed investment company Charter Corp. The contract closed at 1876 from a 1875 opening and was well down on Wednesday’s close of 1910. Dealers said the dis-

count to the physical market, where the Barclays only fell 14 points to 1948.15, indicated further, downside was limited. In Sydney, March share price index futures were lower at 1263 from 1280. SUS CONTRACTS Mth Open H/L Last Vol Feb. 15097 5097/5097 5097 120 Contracts traded: 120. Open positions at January 20: Feb. 247, Mar. 42, total 289 (up 2). COMMERCIAL BILLS Mth Open H/L Last Vol Contracts traded: nil. Open positions at January 20: Mar. 1, Jan. 10, total 11 (same). GOVERNMENT STOCK Mth Open H/L Last Vol Mar. 8556 569/553 8567 693 Jun. 8585 587/585 8587 14 Sep. 8605 605/605 8605 1 Contracts traded: 708. Open positions at January 20: Mar. 1412, Jun. 140, Sep. 120, total 1672 (down 132). WOOL Mth Open H/L Last Vol May 644 645/644 645 8

Aug. 670 670/670 670 7 Contracts traded: 15.

Open positions at January 20: Jan. 27, Mar. 300, May 313, Aug. 47. Oct. 23, Dec. 28, total 733 (•.own 35). 90-DAY BANK BILLS Mth Open H/L Last Vol Feb. 8315 315/303 8303 23 Mar. 8320 330/310 8310 155 Apr. 8365 370/360 8360 8 Contracts traded: 186. Open positions at January 20: Feb. 381, Mar. 571, Apr. 37, Jun. 226, Sep. 195, Dec. 181, Mar. 31, Jun. 17, Sep. 5, total 1644 (up 7). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Mar. 1280 266/250 1263 750 Contracts traded: 750. Open positions at January 20: 4535. BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Mar. 1875 885/850 876 33 Contracts traded: 33. Open positions at January 20: Mar. 348, Jun. 7, Sep. 52, total 407 (up 7).