Sliding kiwi hits futures

Press, 19 July 1988, Page 23

Sliding kiwi hits futures

The movement of the kiwi dollar had a grip on futures trading yesterday, all contracts reacting to the currency’s slide of last week.

The 11/93 Government stock (GSK) contract was sold down at the opening yesterday to 8650 in raction to last Friday’s heavy selling pressure on the kiwi.

However, Dr Brent Layton, of Edgen Wignall and Company Futures, said that once trade realised that the N.Z. dollar was not going to be sold down further, and started to firm, the 11/93 contract was bought back to the 8730 level. The bank bills contract was weaker, the contract down to 8523, or 14.75 per cent, in August, after being at 8534 on Friday’s close.

The wool contract traded last 3 to 652 for December delivery, but it was still wel ahead on this time last week because of the weaker kiwi.

The Barclays share index future contract sustained its breach of the 2035 level, having failed to hold this positions three times previously, Dr Layton said.

The contract was strong in line with the physical

trend, partly because of the decline in the kiwi, partly because investors were using funds from sale of Fletcher Challenge shares for other leaders, and partly because of offshore interest. SUS CONTRACTS Mth Open H/L Last Vo! Aug .15870 870/451 708 24 Contracts traded: 24 Open positions at July 15: Aug 304, Sep 34, Dec 20, total 358 (up 155). GOVERNMENT STOCK Mth Open H/L Last Vol Sep 8720 702/720 8720 9 Contracts traded: 9 Open positions at July 15: Sep 320, total 320 (down 3). GOVERNMENT STOCK 11/93 Mth Open H/L Last Vol Sep 8650 733/650 8731 1236 Contracts traded: 1236 Open positions at July 15: Sep 4563, Dec 2, Mar 27, total 4592 (up 137). WOOL Mth Open H/L Last Vol Dec 655 655/652 . 652 5 Contracts traded: 5 Open positions at July 15: Aug 136, Oct 68, Dec 70, Jan 1, Mar 3, total 278 (up 5). 90-DAY BANK BILLS Mth Open H/L Last Vol Aug 8520 525/520 523 112 Sep 8540 542/540 540 17 Dec 8570 570/570 570 10 Contracts traded: 139 Open positions at July 15: Aug 483, Sep 804, Dec 448, Mar 105, Jun 19, Sep 7, total 1866 (up 25). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 1661 691/671 689 686 Contracts traded: 686 Open positions at July 15: 3714 (up 258). BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Sep 2125 170/122 164 44 Contracts traded: 44 Open positions at July 15: Sep 146, total 146 (up 7).