Caution turns spotlight on futures

FUTURES trading dominated the market as investors in cash stayed on the sidelines.

Volume was heavy as traders moved to roll over their May contracts into June.

May futures closed five points higher at 9,530, with an estimated 13,418 contracts traded.

June futures closed 25 points higher at 9,560, as an estimated 21,082 contracts changed hands.

There was no action in September or December contracts. Total estimated trading volume was 34,500 contracts, up from 29,976 on Thursday.

Traders reported having to pay a premium of about eight points to roll the contracts over, which was an improvement on Wednesday when the difference was closer to 10 points.