BSI futures slump

Press, 13 September 1988, Page 27

BSI futures slump

The Barclays share index futures contract set the trend for the physical market yesterday, brokers said.

The contract peeled off 40 points to close at 1945. The contract traded at a heavy discount in the morning but recovered to close only three points off the sharemarket. Volume was moderate with 47 lots changing hands.

Dealers said the contract had dropped on the back of the slump in the Australian all ordinaries index. At 1945 the Barclays contract still looked weak, they added. Interest rate futures began the day bullish, on the back of Friday’s gains, but soon lost ground in aggressive selloff.

The bank bill contract

closed four points easier at 8565 with 123 lots traded, while the Government stock contract was two points easier at 8712 with 1232 lots changing hands.

Fay Richwhite was an aggressive seller in the bank bill market. The investment banking company, partly owned by America’s Cup boss Michael Fay, sold between 8712 and 8715, having bought earlier at 8693 and 8698.

“That would have paid the running cost of the boat for the day,” one impish futures broker suggested. On the Sydney Futures Exchange, the September share price index futures closed sharply lower at 1488 — a 28 point discount to the physical market — from Friday’s 1520.1 close. About 1340 lots were traded.

Contracts traded: 203. Open positions at September t): Sep 594, Oct 99, Dec 61, total 754 (down 39). GOVERNMENT STOCK Contracts traded: nil. ■ Open positions at September 9: Sep 160, total 160 (down 12). GOVERNMENT STOCK 11/93

Contracts traded: 1232. Open positions at September 9: Sep 5717, Dec 602, total 6319 (up 333).

Contracts traded: 123. Open positions at September 9: Sep 1525, Oct 401, Nov 25, Dec 593, Mar 107, Jun 20, Sep 7, total 2678 (down 100). SYDNEY ALL-ORDS (half-points omitted)

Contracts traded: 1445. Open positions at September 9: 6395 (up 87). BARCLAY’S SHARE INDEX

Open positions at September 9: Sep 113, total 113 (down 2).

SUS CONTRACTS Mth Open H/L Last Vol Sep 16077 077/049 049 202 Oct 16113 113/113 113 1

Mth Open H/L Last Vol Sep 8712 717/710 8712 865 Dec 8728 730/724 8724 367

90-DAY BANK BILLS Mth Open H/L Last Vol Sep 8570 570/563 8565 91 Oct 8595 595/592 8592 28 Dec 8625 625/625 8625 4

Prev. Mth close H/L Last Vol Sep 1520 508/484 1488 1345 Dec 1522 502/487 1490 100

Mth Open H/L Last Vol Sep 1973 973/945 1945 44 Dec 1995 995/980 1980 3 Contracts traded: 47.