BSI contract stays bullish
The Barclays share price index (BSI) had an active day as the bull market in the contract
continued yesterday. The BSI was strongly up finishing 30 points ahead at 2485 as the sharemarket surged 55 points.
However, the BSI closed mixed due to heavy selling from one broker, said a Wellington trader. Profit-taking towards the end of the day suppressed the premium which came back 26 points to 69.
A good Housing Corporation bond tender improved sentiment in the Government stock contract (GSC) and halted the slide in the bank bills contract (BBC) which had been heavily sold. The September GSC recovered to finish 3 points firmer on its high at 8808 (11.92 per cent). The September BBC ended 9 points off at 8711 (12.89 per cent).
The trader said he viewed the GSC positively with 8800 as the immediate support level.
On the Sydney Futures Exchange, the September all ordinaries share price
index narrowed the gap to the physical index by falling 15 points to 1805.1.
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Press, 31 August 1989, Page 38
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171BSI contract stays bullish Press, 31 August 1989, Page 38
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