Futures recover
The Barclays share index futures contract recovered ground yesterday on the back of a good profit announcement by New Zealand’s largest company, Fletcher Challenge. The December contract moved ahead 35 points to 2000, having been as high as 2010. Futures dealers said that although the contract breached the psychologically important 2000 mark it was not looking too strong above that point The future direction of the sharemarket was more accurately indicated by the December contract which closed at 2030, only 50 points above yesterday’s close on the physical market. Interest rate contracts were actively traded, with the September contracts closing out yesterday. The September bank bills contract climbed 1 point to 8556 while the October contract climbed eight points to 8588 (14.12 per cent).
Longer term Government stock futures provided slight encouragement for those waiting for interest rates to fall further. The December contract slipped 2 points to 8723 (12.77 per cent). On the Sydney Futures Exchange, the September share price index futures closed firmer at 1538 — an 11 point discount to the physical market — but off the day’s high of 1551, from Tuesday’s 1525 close. About 1360 lots were traded. SUS CONTRACTS
Contracts traded: 743 Open positions at September 545, Oct 113, Dec 61, total 719 (down 236). GOVERNMENT STOCK Mth Open H/L Last Vol Sep 8696 696/696 696 1 Contracts traded: 1. Open positions at September 13: Sep 160, total 160 (same). GOVERNMENT STOCK 11/93 Mth Open H/L Last Vol Sep 8707 709/705 706 316
Dec 8719 727/718 723 1097 Contracts traded: 1413. Open positions at September 13: Sep 4456, Dec 1359, total 5815 (down 469). 90-DAY BANK BILLS Mth Open H/L Last Vol Sep 8555 558/551 8556 157 Oct 8580 593/580 8588 190 Dec 8624 624/620 8620 22 Contracts traded: 369. Open positions at September 13: Sep 1383, Oct 502, Nov 25, Dec 568, Mar 107, Jun 20, Sep 7, total 2612 (down 68). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 1525 551/533 1538 1361 Dec 1529 553/536 1537 230 Contracts traded: 1591. Open positions at September 13: 6773 (up 237). BARCLAY’S SHARE INDEX Mth Open H/L Last VolSep 1980 010/980 2000 41 Dec 2018 030/018 2030 5 Contracts traded: 46. Open positions at September 13: Sep 108, Dec 5, total 113 (up
Mth Open H/L Last Vol Sep 16181 181/181 181 384 Oct 16236 271/236 271 358 Dec 16475 475/475 475 1
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Press, 15 September 1988, Page 38
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402Futures recover Press, 15 September 1988, Page 38
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