FUTURES B-bills bright
Trading in futures was quiet yesterday, although the bank bill contract had one of its brightest days. The September bank bill contract soared 35 points to 8562 with a total of 576 lots traded. Dealers said news that the Bank of New Zealand had lowered its mortgage interest rate by 1 per cent, and a drop in call deposit rates had contributed to the fall. The momentum flowed through to Government stock, with the September contract firming 14 points to 8718. A total of 1591 Government stock contracts was traded. Dealers said the outlook for bank bill futures remained bullish, although the end of month tightening in liquidity was drawing near. Government stock futures are also bullish, although some profit-taking is expected today.
“The Government stock contract broke several important chart points, especially around 8710-12 today,” one dealer said. “There is good upside potential in it over the next week.”
The impetus in bank bill futures was bullish, he added, but chartists see the contract as being in a
range of consolidation. On the Sydney Futures Exchange, the September share price index contract had jumped 17 points to 1627, a two point premium to the physical market. About 735 lots were dealt. SUS CONTRACTS Mth Open H/L Last Vo! Sep. 15122 122/017 095 3 Oct. 14947 083/901 083 6 Contracts traded: 9. Open positions at August 12: Sep 267, Dec 34. total 301 (up 9). GOVERNMENT STOCK Mth Open H/L Last Vol Sep. 8708 708/708 708 2 Contracts traded: 2. Open positions at August 12: Sep 281, total 281(up 5). GOVERNMENT STOCK 11/93 Mth Open H/L Last Vol Sep. 8709 724/709 718 1591 Contracts traded: 1591. Open positions at August 12: Sep 6557, Dec 3, Mar 77, total 6637 (up 202). WOOL Mth Open H/L Last Vol Contracts traded: nil. Open positions at August 12: Aug 4, Oct 62, Dec 60, Jan 3. Mar 3, total 132 (up 4). 90-DAY BANK BILLS Mth Open H/L Last Vol Sep. 8562 590/556 583 500 Oct. 8572 582/572 582 35 Nov. 8580 595/580 595 15 Dec. 8585 605/585 605 26 Contracts traded: 576. Open positions at August 12: Sep 1467, Oct 89, Dec 523, Mar 123, Jun 20, Sep 7, total 2229 (up 330). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep. 1610 628/613 627 733 Contracts traded: 733. Open positions at August 12: 4460 (down 20).
BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Sep. 2060 060/040 040 20 Contracts traded: 20. Open positions at August 12: Sep 194, total 194 (down 2).
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Press, 16 August 1988, Page 25
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427FUTURES B-bills bright Press, 16 August 1988, Page 25
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