GSC hyperactive
The Government stock futures contract (GSC) sprang to life yesterday when it pushed through the 8705 resistance level on a turnover of 4147 lots. The contract had been in the doldrums for the previous three sessions, but thanks to one buyer, who took 80 per cent, the GSC moved up to 8710, before finishing midrange. Mr Mark Thiele, a dealer for Egden Wignall and Company Futures, said that once the GSC went through the 8705 level stop-loss orders were triggered causing a frenzied market.
Pre-Budget enthusiasm appeared to be part of the reason for the bullishness. There has also been a big leap in buy orders on the physical market as well, with an absence of sellers as investors move to secure higher long-term rates. At the short-end, the bank bills contract did not move. Enthusiasm waned in the Barclays share price index (BSD contract as it became apparent that the New Zealand sharemarket was not about to emulate the overnight 40-point Wall Street rise, he said.
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Press, 21 July 1989, Page 15
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169GSC hyperactive Press, 21 July 1989, Page 15
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