FUTURES Barclays cautious

Press, 24 March 1988, Page 34

FUTURES Barclays cautious

Barclays) share price index futures closed slightly firmer yestepday, although the market traded cautiously.; , [ Dealers said the market opened steady I but was sold down heavily in early morning [trading.! They said the [ contract was bought back! up on the strength of the Australian market but [then faded down in response to the weaker physical market here. | j j ; -X At the close, the March contract [was 5 points firmer for the day at 1995. The contract traded between 1963 and 2019, with a total'[of 197 lots changing hands; i ’ | The contract! cancelled Tuesday’s) discount to the physical and closed at a 4 point premium. : Dealers' said that\ with the contract due to close out on March: 30, it is likely to closely map the physical. I “Traders are beginning to look at how much the premium [should be in the June contract,” : one dealer said. X I He said it could be a little easier today, but that the “Friday mentality” will probably) see it bought back up: Government [Stock futures were also slightly ' firmer yesterday. ) The June GSK contract

I . | A ■! I rose 7 points to 8715, a hew high for the contract. Dealers said there is plenty of buying support for the contract, even at its present high levels. | They said the strength of it is disconcerting, given that physical rates are still above 13 per cent. h X I I | ) “We are slightly wary pf the ' strength because the physical rates are! still 5 to 10 points off their lows,” one dealer said. | He said the market) was Waiting for [physical rates to drop below 13 p)er cent before taking mors decisive action. I , . ! i. i Volume was moderately) high, with a total <pf T399[ lots changing hands. j I In bank bill futures, the April: contract was ;2 points easier at 8488. After! opening at 8500, the contract traded in a 17 point range .between 8488 and 8505. X : ; Dealers Said the contract has settled after being temporarily ruffled by Tuesday’s Reserve Bank announcement that its daily cash target was being cut back from $4O million to $3O million. Three wool futures contracts were traded yesterday, up three points at 642. Quotes were stronger [after an encouraging sale at Levin.

■ JUS CONTRACTS Mth Open H/L Last Vol Apr 1.5090 090/090 090 10 Contracts traded: 10. ' Open positions at March. 22:: Apr 25; MaV 4, Jun 5, Sep 1 7, Dec: 6, to al 47 (up 26). !| ! ! COMMERCIAL BILLS Co itracts traded) nil.’ Open positions at March 22:: Jun 10, total lO (same).: ' government stock Mth Open H/lI Last Vol Jun [8709 716/705 8715 1338 Sep [8728 735/726 8735 : 61 (Co itracts traded: 1399. i •)! Open positions at March 22: ) Apr l! Jur 4106, Sep 230, total ;! 4338 (dowi 19). ;! :! : !! : wool Mth Open H/L' Last’' Vol , May !642 642/642 642 3 Contract; traded: 3. Op‘h positions at March 22: Mar ho, Mty 318, Aug ; 130, Oct 61, Dec 48 Jan 1, Mar 1. total : 569 (jiown 25). !,! IX ” H-DAY BANK BILLS Mth jOpen H/L Last Vol ' Apr 8500 '505/488 8488 108 Jun ‘8590 590/580 8580 38 Sep 18590 590/590 8590 21 ' Contract: traded: 167. Open positions at March 22: Apr 579, May 101, Jun 368, Sep 316, |Dec 253, Mar 43, Jun 19. Sep 1 ,1 total 1686 (up 145). I SYDNEY ALL-ORDS (half points omitted) Prev. Mth close H/L Last Vol I Mar 1424 443/418 434 1476 Jun 1440 .460/1443 452 380 Contract"} traded: 1856. Op :h positions at March 22: . ! 6552 (down 144). BARCLAY’S SHARE INDEX Mth Open ■ H/L Last VoL Mar 1990 019/963 1995 164 i Jun 2060 110/505 2090 ,33 :: Contacts traded: 197. Op ;n positions at March 22: Mr 5' >, Jun 32, Sep 56, total 664 (up :().! I. ■ |