FUTURES Barclays rally
News that interest rates had stopped rising and that the Wall Street sharemarket closed more than 30 points up caused a 45-point rally in Barclays share index futures, according to a dealer. "Everything was a little softer, ' and that flowed through to the futures market, making buyers a little more relaxed.” he said.
The December contract closed at 1805, a 6-point premium to the physical market, which closed at 1799. On Monday, December BSI futures closed at 1760, a 35point discount to the physical market at 1795.
The BSI contract was comparatively busy, with 160 lots traded, he said.
December Government stock futures closed at 8608, up 3 points from Monday’s close of 8605.
The contract traded as high as 8611, and there was a lot of "very smart selling" around the 8610 level, he said.
The only news during the day was a marginally positive money supply figure, which caused "just a touch of buying,” but more in the bank bills futures market than in the GSC futures market, which had pretty well anticipated it, he said.
Options trading was very quiet, with a total of only 28 lots traded, he said.
Only put options were traded yesterday, the same as Monday. “When people get into call options a bit more, it could signal the bottoming out of the futures market,” he said.
Details of futures and options trading yesterday were:
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Press, 7 December 1988, Page 50
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235FUTURES Barclays rally Press, 7 December 1988, Page 50
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