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Futures premium climbs

The Barclays share price index futures contract moved to 65 points premium to the physical index in spite of the sharemarket easing. Futures traders took some comfort from a rally on the Tokyo Stock Exchange yesterday, as that market recovered sharply from the 500 point drubbing the Nikkei index took on Tuesday. Mr Keith Hill, fixed interest dealer with Jordan Sandman Smythe, Auckland, said that the doubling in the premium gave some indication that both futures and the sharemarket was set to firm. There might be more up-

side also because of expectations of a favourable Budget next week. The Government stock 11/ 93 contract weakened because of doubts the long holders were genuine and for this reason the market lacked support. The firmer New Zealand dollar also had an effect, and yields ended up slightly under 13 per cent, he said. However, there were indications that the market was expecting another slide in the New Zealand dollar. SUS CONTRACTS Contracts traded: Nil. Open positions at July 19: Aug 317, Sep 34, Dec 28, total 379

(down 3). GOVERNMENT STOCK Contracts traded: Nil. Open positions at July 19: Sep 311, total 311 (down 1). GOVERNMENT STOCK 11/93 Mth Open H/L Last Vol Sep 8722 728/715 719 1393 Contracts traded: 1393. Open oositions at July 19: Sep 4153, Dec 2, Mar 77, total 4232 (down 165). WOOL Mth Open 11/L Last Vol Aug 650 650/650 650 5 Contracts traded: 5. Open positions at July 19: Aug 136, Oct 68, Dec 73, Jan 1, Mar 3, total 281 (same). 90-DAY BANK BILLS Mth Open H/L Last Vol Aue 8512 512/500 502 173

Sep 8530 530/516 516 141 Dec 8555 557/555 557 10 Contracts traded: 324. Open positions at July 19: Aug 560, Sep 844, Dec 459, Mar 105, Jun 19, Sep 7, total 1994 (up 105). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 1632 661/633 1652 1295 Contracts traded: 1295. Open positions at July 19: 4228 (up 398). BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Sep 2035 105/075 095 84 Contracts traded: 84. Open positions at July 19: Sep 180, total 180 (up 32).

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19880721.2.111.19

Bibliographic details

Press, 21 July 1988, Page 24

Word Count
360

Futures premium climbs Press, 21 July 1988, Page 24

Futures premium climbs Press, 21 July 1988, Page 24