Barclays premium up
Futures trading in New Zealand was hit by the Auckland anniversary day holiday and the closure of overseas markets yesterday. One dealer said that although speculation continued in the Barclays share index contract, the premium moving to 79 points, the two interest rate contracts traded on thin volume. ' The Government stock contract (GSC) was only range trading between 8692 and 8697, the dealer adding that the reported low of 8690 was “a mistake.” The GSC was brought up late by a sudden firmness in the bank bills contract. The dealer said that the flurry in the bills was caused by clients becoming tired of waiting for a correction and deciding it was time to step in. The movement in the bills contract was particularly strong, March ’B9 gaining 11 points on the day. Although the Australian sharemarket was closed the share index futures continued to trade, leading one dealer to comment that in this case it was pure speculation. "It’s like passing a racetrack in a car and throwing one hundred bucks out the window.” The Sydney all-ordinaries contract was particularly strong, gaining 29 points on its high, although volume was slight. The details of yesterday’s trading were:
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Press, 31 January 1989, Page 24
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201Barclays premium up Press, 31 January 1989, Page 24
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