GSC futures above 8705

Press, 22 July 1989, Page 30

GSC futures above 8705

Government stock futures managed a long-awaited rally yesterday, breaking through the 8705 sticking point to hit a high of 8712 in the September, 1989, contract.

Mr Mark Thiele, a dealer with Egden Wignail and Company Futures, Christchurch, said last evening that although the rally was backed by good volume, further progress could be limited until

the Budget was out of the way at the end of next week. The September contract opened on its low of 8706, and closed at the high, with 1130 lots traded.

The December contract hit a high of 8714, one point above the open at 8713, and closed there, with 191 lots traded.

Support for September Barclay’s share price Index fu-

tures at the 1940 level was tested this week, but held, Mr Thiele said.

However, a rally on Thursday and yesterday was not convincing, and another test of the 1940 level could be expected, he said. The September BSI contract closed at 1970 yesterday, seven points down from Thursday's close, but up from the day’s opening price of 1960, with 125 lots traded.