FUTURES Barclays contract elusive
The Barclays share price index futures contract continued to prove it was not an easy market to come to grips with after yesterday’s trading. Having rallied sharply on Monday as the New Zealand sharemarket followed the lead given by Wall Street on Friday, the futures contract fell back yesterday, leaving those who had plumbed for a bullish trend high and dry. A futures trader said that those who had come into the market on Monday picking a firm trend would have been stunned by yesterday’s 22-point drop. The BSI contract ended two points off its low at
1988, having traded three points above the opening position at 1908. However, the premium remains a strong 47 points. The two interest contracts were both weaker yesterday influenced by higher overnight call rates, the release of this week’s Treasury bill tender, which also revealed higher rates, and the announcement of the latest bond programme by Electricorp. The yield curve was now flat after a few years where the shorter term rates had been higher than those over the long term. This trend was now expected to reverse, the trader said.
JunB9 8686 8686 8683 8684 8683 8683 -.03 601 6749 UNITED STATES DOLLAR Mth Open High Low Offer Bid Last Day’s Vol Open Chge NEW ZEALAND DOLLAR Mth Open High Low Offer Bid Last Day’s VoL Open Chge MayB9 6116 6116 6083 — — 6094 -.0017 23 63 JunB9 6099 6099 6099 — — 6099 +.0003 1 9 SYDNEY ALL ORDINARIES Mth Open High Low Offer Bid Last Day’s Vol. Open Chge JunB9 1435.0 1443.0 1415.0 1430.0 1429.0 1429.0 -6.0 1232 3505 SepB9 1442.0 1431.0 1430.0 1445.0 1439.0 1431.0 -11.0 2 30 DecB9 _ _ — 1466.0 1460.0 — — 0 178
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Press, 19 April 1989, Page 43
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284FUTURES Barclays contract elusive Press, 19 April 1989, Page 43
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