FUTURES Food index flop
There was little reaction to the higher food price index in by the Government stock contract (GSC) yesterday, according to a futures dealer. Mr Mark Thiele, of Egden Wignall and Company Futures, said the GSC rallied a few points after the FPI was announced, but it then settled down again.
The National Bank was again a big seller of GSC futures “and was expected to be for some time.”
The next major indicator to be released would be tomorrow’s consumer price index (CPI) figure, and following that some influential U.S. economic indicators, he said.
In the bank bills contract (BBC) there was some pres-
sure on the downside, with 8660 considered to be a critical support level. Cash rates remained strong at about 14 per cent as the BBC finished on its low of 8665 for the new month.
The Barclays share price index (BSI) futures contract was firmer in the morning but turned softer in the afternoon. The Dow Jones index had been up on Wall Street for six consecutive sessions and there were doubts it would continue this kind of run, Mr Thiele said.
The premium for the September contract continued to shrink, losing 5 points, to 34 points and the December contract held a 90 point margin.
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Press, 13 July 1989, Page 22
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214FUTURES Food index flop Press, 13 July 1989, Page 22
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