Futures hectic
Government stock futures effectively staged a 100-point rally yesterday, in what one dealer described as the most hectic day he had seen in 10 years of futures trading. He said GSC futures were bought all day, taking the contract from Wednesday’s theoretical low of 8528 to a high of 8625.
There was no trading on Wednesday because the futures exchange had closed because of power cuts, but the theoretical level of GSC futures can be derived from the physical GSC market.
The exchange had computer problems yesterday morning, which meant trades had to be conducted by telephone for the first hour or so, the dealer said, but after that
the contract “took off vertically” only easing off at the close.
The contract ended at 8610, corresponding to 13.9 per cent yields on the physical GSC market.
The New Zealand Futures Exchange announced its Christmas trading hours yesterday. On Friday, December 23 and Friday, December 30 the market will close at 1 p.m. instead of the normal 5 p.m. The market will be closed on Monday, December 26, Tuesday, December 27, Monday January 2, and Tuesday, January 3. Normal trading hours will be observed on Wednesday, December 28, Tuesday, December 29, and from Wednesday, January 4.
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Press, 16 December 1988, Page 19
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207Futures hectic Press, 16 December 1988, Page 19
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