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Buying the Australia 200: detailed
|Underlying market/value||ASX 200 JUN15 Future|
Australia 200 Cash5500.5/5501.5
Buy at 5501.5
1 contractA$25 per contract
Margin per contract x number of contracts x value of one contract x index level
0.5% x 1 x 25 x 5501 = A$687.63
|What happens next?||The market rallies dramatically, reaching 5650 at 10pm, when funding is calculated. It drops back a little overnight, to 5640.|
Funding = A$17.97
((One-month BBSW e.g. 2.08% + 2.5% admin fee) x 1 x 25 x 5650)/360
Sell at 5639.5
|Overall market movement & profit/loss||
5639.5 – 5501.5 = 138
Each contract is worth A$25 per point
Gross profit = A$3,450
1-point IG spread (included)
Funding cost: A$17.97
A$3,432.03 net profit subject to tax
If the market dropped 138 points instead:
138 x A$25 + A$17.97A$3,467.97 net loss
A stock index is a hugely important part of our financial world, but it is nothing more than a number representing the top shares from a particular exchange.
For example, the FTSE 100 represents the largest 100 companies traded on the London Stock Exchange. If, on average, the share price of these companies goes up - then the FTSE 100 will rise with them. And if they fall, it will drop.
Other examples of stock indices include:
Most of these are calculated using a capitalisation-weighted average, which means the size of each company is taken into account. The more a particular company is worth, the more its share price will affect the index as a whole.
However, the Dow Jones and Nikkei are price-weighted indices, where shares with higher prices have more influence. This means a stock trading at $100 is given 10 times more weight than one at $10.
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