BSI premium

Press, 28 September 1988, Page 43

BSI premium

The September Barclays share index closed at a 16 point premium to the physical contract yesterday, only one day before it matures. The relatively large premium suggests a strong feeling that the physical market will improve today, dealers said. However, the longer term feeling was not so optimistic, with the December contract closing at 1976, only 32 points above the sharemarket. Dealers said the premium on the three-month contracts should be about 50 points to account for holding costs. The narrow margin and low volume — only 27 contract swapped hands yesterday — suggests that sharemarket pundits are becoming even more bearish, they said. On the Sydney Futures Exchange yesterday the September share price index futures closed easier at 1535, off the day’s high of 1546, from Monday’s 1537 close. About 860 lots traded.

SUS CONTRACTS Mth Open H/L Last Vol Oct 16210 210/210 210 20 Contracts traded: 20. Open positions at September 26: Oct 588, Dec 55, total 643 (up 70). GOVERNMENT STOCK Mth Open H/L Last Vol Dec 8721 726/721 8726 718 Contracts traded: 718. Open positions at September 26: Dec 3454, total 3454 (up 33). 90-DAY BANK BILLS Mth Open H/L Last Vol Oct 8584 584/580 584 54 Nov 8602 602/602 602 4 Dec 8625 625/620 622 54 Mar 8635 635/635 635 11 Jun 8645 645/645 645 1 Contracts traded: 124. Open positions at September 26: Oct 677, Nov 32, Dec 716, Mar 123, Jun 37, Sep 7, total 1592 (up 15). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 1537 546/532 535 861 Dec 1539 547/533 535 275 Contracts traded: 5950. Open positions at September 26: 5950. BARCLAYS SHARE INDEX Mth Open H/L Last Vol Sep 1970 970/960 960 8 Dec 1985 986/970 976 19 Contracts traded: 27. Open positions at September 26: Sep 87, Dec 60, total 147 (same).