FUTURES Lots switched

Press, 14 September 1988, Page 42

FUTURES Lots switched

Interest rate futures were softer yesterday although dealers said the contracts would pick up once the September contract closed out in two days time. The contracts were portraying a false image of interest rate expectations as investors switched from the September to December contracts, dealers said. “Two days before the contract closes out investors tend to get nervous," said one dealer. “But fundamentally interest rates will continue to fall (futures will rise).” The Government stock contract finished on its lows yesterday and the indications were not good for today, dealers added. The September Government stock contract slipped five points to 8707 with 1002 lots traded while the December contract fell three points to 8726 with 779 lots changing hands. In bank bill futures, the September contract fell nine points to 8555 as 137 lots crossed the floor while the December contract dropped 12 points to 8580 with 120 contracts swapping hands. “There will be more downside before the contracts close out but early next week it should trade normally,” one said. The Barclays share index futures contract closed at a discount to the physical market yester-

day. The September contract closed at 8707, 1965, 20 points up for the day, with 23 contracts traded. The longer-term outlook for the sharemarket was not good, with the December contract closing at 1990, only 25 points above the September contract. SUS CONTRACTS Mth Open H/L Last Vol Sep 16126 126/126 126 20 Oct 16228 268/155 236 16 Contracts traded: 36 Open positions at September 12: Sep 794, Oct 100, Dec 61, total 955 (up 201). GOVERNMENT STOCK Mth Open H/L Last Vol Sep 8696 696/696 696 5 Contracts traded: 5 Open positions at September 12: Sep 160, total 160 (same). GOVERNMENT STOCK 11/93 Mth Open H/L Last Vol Sep 8712 714/707 707 1002 Dec 8726 729/721 721 779 Contracts traded: 1781 Open positions at September 12: Sep 5447, Dec 837, total 6284 (down 35). 90-DAY BANK BILLS Mth Open H/L Last Vol Sep 8566 567/555 555 137 Oct 8590 590/580 580 120 Dec 8620 620/620 620 5 Contracts traded: 262 Open positions at September 12: Sep 1508, Oct 421, Nov 25, Dec 592, Mar 107, Jun 20, Sep 7, total 2680 (up 2). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close. H/L Last Vol Sep 1488 530/495 525 1642 Dec 1490 531/502 529 150 Contracts traded: 1792 Open positions at September 12: 6536 (up 141). BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Sep 1960 975/959 965 23 Dec 1978 995/978 990 6 Contracts traded: 29 Open positions at September 12: Sep 110, Dec 2, total 112 (down 1).