LOCAL STOCKS
Yesterday saw the local market finished stronger adding 3.88 points (0.07%) to 5,133.19; BSP finished steady seeing trades at K0.79 while CGA and KAM closed on the upside at K0.63 and K1.13 respectively. IOC on the NYSE ended losing 12 percent to close at US$32.20.
The market should open slightly higher with most of the offshore markets giving mixed signals. Gold fell 80 cents to US$949.10 while Crude oil maintained its level at US$63.41/ barrel.
MOVERS
Wednesday’s movers on the local bourse 27/05/09:
CGA: 26.00%
KAM: 0.89%
Thursday, May 28, 2009
Monday, May 25, 2009
Kina Continues to Rise
Another week of significant export proceeds with low appetite importer demand as a result of a surging Australian dollar saw the kina rise by 35 points for the week to close at U.S$ 35.90 cents. Westpac have indicated that there are some imminent large importer transactions that need to be settled within the next month so we would expect appreciation of the rate to slow down going forward.
Importers waiting for the Australian dollar to “collapse” against the greenback are being hammered as the Australian dollar breaks through U.S$78 cents. My word to analysts would be to forget about Australian fundamentals and focus on the U.S dollar as text book trading days have been rewritten in the last 10 months. In reality a PGK/AUD 0.4591 exchange rate appears fair value and those waiting for a re-track to 0.4800 may be disappointed.
Importers waiting for the Australian dollar to “collapse” against the greenback are being hammered as the Australian dollar breaks through U.S$78 cents. My word to analysts would be to forget about Australian fundamentals and focus on the U.S dollar as text book trading days have been rewritten in the last 10 months. In reality a PGK/AUD 0.4591 exchange rate appears fair value and those waiting for a re-track to 0.4800 may be disappointed.
POMSoX UPDATE
LOCAL STOCKS
Last Friday saw the local market closed calm with BSP advancing 2.59 percent to close at K0.79 so did MGO surging 3.84 percent to K0.27 with a reasonable volume. IOC ended weaker at US$35.94 while NBPO on the LSE concluded the week at GBP3.64 equivalently K16.93 on the local bourse.
The market is expected to open flat with mixed leads from the international markets. LGL bids are lined up at K6.10 whereas on the ASX they are lined up at A$3.20.
PNG NEWS
BSA: The Umbrella Benefit Sharing Agreement was finally signed granting a 7 percent equity in the LNG project on the back of government’s commitment to offload 5 percent of its stake in the multibillion Kina project.
MOVERS
Last Friday’s movers on the exchange 24/05/09:
BSP: 2.59%
MGO: 3.84%
OSH: 0.09%
Last Friday saw the local market closed calm with BSP advancing 2.59 percent to close at K0.79 so did MGO surging 3.84 percent to K0.27 with a reasonable volume. IOC ended weaker at US$35.94 while NBPO on the LSE concluded the week at GBP3.64 equivalently K16.93 on the local bourse.
The market is expected to open flat with mixed leads from the international markets. LGL bids are lined up at K6.10 whereas on the ASX they are lined up at A$3.20.
PNG NEWS
BSA: The Umbrella Benefit Sharing Agreement was finally signed granting a 7 percent equity in the LNG project on the back of government’s commitment to offload 5 percent of its stake in the multibillion Kina project.
MOVERS
Last Friday’s movers on the exchange 24/05/09:
BSP: 2.59%
MGO: 3.84%
OSH: 0.09%
Wednesday, May 20, 2009
POMSoX UPDATE
LOCAL STOCKS
The local bourse finished quiet with the KSi falling 4 percent to 5,049.02; LGL and MGO moved otherwise to close lower at K6.10 and K0.26 respectively. OSH also finished weaker, down 10 toeas to K10.90. IOC gained 95 cents to close at US$37.41.
The market today should be expected to open weaker with bidders for OSH are as high as K10.90 this is as per the mixed leads from the international markets as the surprise drop in construction and a cautious outlook in the global economy.
MOVERS
Yesterday’s movers on the market 19/05/09:
LGL: -10.42%
MGO: -3.70%
OSH: 0.90%
The local bourse finished quiet with the KSi falling 4 percent to 5,049.02; LGL and MGO moved otherwise to close lower at K6.10 and K0.26 respectively. OSH also finished weaker, down 10 toeas to K10.90. IOC gained 95 cents to close at US$37.41.
The market today should be expected to open weaker with bidders for OSH are as high as K10.90 this is as per the mixed leads from the international markets as the surprise drop in construction and a cautious outlook in the global economy.
MOVERS
Yesterday’s movers on the market 19/05/09:
LGL: -10.42%
MGO: -3.70%
OSH: 0.90%
Tuesday, May 19, 2009
POMSoX UPDATE
LOCAL STOCKS
Yesterday nothing much happened as small volumes traded for the trading companies; gainers on the day included BSP and LGL gaining 1.26 and 12.37 percent respectively. While on the downside was CPL falling 2.83 percent for the day. NBPO closed at GBP3.76 reflecting a 3.52 percent rise from previous in London.
Pre-open phase of the market today has offers for NBPO as low as K22.00 while buyers are lined up at K11.00 for the day. The market should continue its steady climb as signs that the recession is easing.
MOVERS
Monday’s movers on the bourse 18/05/09:
BSP: 1.26%
CPL: -2.83%
LGL: 12.37%
Yesterday nothing much happened as small volumes traded for the trading companies; gainers on the day included BSP and LGL gaining 1.26 and 12.37 percent respectively. While on the downside was CPL falling 2.83 percent for the day. NBPO closed at GBP3.76 reflecting a 3.52 percent rise from previous in London.
Pre-open phase of the market today has offers for NBPO as low as K22.00 while buyers are lined up at K11.00 for the day. The market should continue its steady climb as signs that the recession is easing.
MOVERS
Monday’s movers on the bourse 18/05/09:
BSP: 1.26%
CPL: -2.83%
LGL: 12.37%
Monday, May 18, 2009
POMSoX UPDATE
LOCAL STOCKS
Last Friday saw the market closed on a calm note, with light volumes changing hands for BSP, NBO and OSH. MGO on the local bourse finished unchanged at 27 toeas while on the ASX it concluded the day at 10.5 cents. IOC on the NYSE advanced 2 percent to end the week at US$35.40.
Today the market is expected to open weaker with mixed leads from off shore markets. With bids for CGA as high as K0.50. This week will see a number of listed companies hosting their annual meetings namely, SST, HIG, BSP and NBO.
PNG NEWS
IOC: forecasted that they have a vibrant future this was on the back of a very strong first quarter reporting a net profit of US$2.6 million
OSH: Oil Search Limited reported that the PNG LNG project funding is within the vicinity of $4billion.
MOVERS
Last Friday’s mover on the exchange 15/05/09:
NBO: -0.05%
OSH: -0.18%
Last Friday saw the market closed on a calm note, with light volumes changing hands for BSP, NBO and OSH. MGO on the local bourse finished unchanged at 27 toeas while on the ASX it concluded the day at 10.5 cents. IOC on the NYSE advanced 2 percent to end the week at US$35.40.
Today the market is expected to open weaker with mixed leads from off shore markets. With bids for CGA as high as K0.50. This week will see a number of listed companies hosting their annual meetings namely, SST, HIG, BSP and NBO.
PNG NEWS
IOC: forecasted that they have a vibrant future this was on the back of a very strong first quarter reporting a net profit of US$2.6 million
OSH: Oil Search Limited reported that the PNG LNG project funding is within the vicinity of $4billion.
MOVERS
Last Friday’s mover on the exchange 15/05/09:
NBO: -0.05%
OSH: -0.18%
Friday, May 15, 2009
POMSoX UPDATE
LOCAL STOCKS
The KSi shed 20.12 points (0.39%) to close at 5,046.41 yesterday as the bourse ended with BSP falling 1.25 percent likewise NBO closing weaker at K17.01. Bids for LGL closed at K6.80 on the local bourse. IOC slid 23 cents to close the day at US$34.72 with reasonable volumes.
The market is expected to open flat with buyers already lined up for CPL at K2.40 in the pre-open phase of the market today.
MOVERS
Thursday’s movers on the bourse 14/05/09:
BSP: -1.26%
CCP: -0.48%
CGA: -5.55%
CPL: -0.40%%
NBO: -2.80%
OSH: 0.09%
The KSi shed 20.12 points (0.39%) to close at 5,046.41 yesterday as the bourse ended with BSP falling 1.25 percent likewise NBO closing weaker at K17.01. Bids for LGL closed at K6.80 on the local bourse. IOC slid 23 cents to close the day at US$34.72 with reasonable volumes.
The market is expected to open flat with buyers already lined up for CPL at K2.40 in the pre-open phase of the market today.
MOVERS
Thursday’s movers on the bourse 14/05/09:
BSP: -1.26%
CCP: -0.48%
CGA: -5.55%
CPL: -0.40%%
NBO: -2.80%
OSH: 0.09%
Thursday, May 14, 2009
POMSoX UPDATE
LOCAL STOCKS
The market continued its upward trend yesterday with KSi closing higher by 25.39 points (0.5%) to 5,066.53. BSP advanced by 1.26 percent likewise NBO surged 5 percent while on the LSE it dropped to GBP3.60. MGO and MSC finished unchanged at K0.27 and 6 toea respectively.
Today has bids for HIG as high as 20 toeas as OSH buyers are lined up at K11.01 in the opening phase of the market.
PNG NEWS
STO: Santos a major partner in the development of LNG project in PNG raised $1.75 billion yesterday.
MOVERS
Movers on the market yesterday 13/05/09;
BSP: 1.26%
NBO: 5.10%
The market continued its upward trend yesterday with KSi closing higher by 25.39 points (0.5%) to 5,066.53. BSP advanced by 1.26 percent likewise NBO surged 5 percent while on the LSE it dropped to GBP3.60. MGO and MSC finished unchanged at K0.27 and 6 toea respectively.
Today has bids for HIG as high as 20 toeas as OSH buyers are lined up at K11.01 in the opening phase of the market.
PNG NEWS
STO: Santos a major partner in the development of LNG project in PNG raised $1.75 billion yesterday.
MOVERS
Movers on the market yesterday 13/05/09;
BSP: 1.26%
NBO: 5.10%
Tuesday, May 12, 2009
POMSoX UPDATE
LOCAL STOCKS
Yesterday saw the local bourse finished relatively calm with light volumes changing hands. BSP opened higher earlier in the day but closed weaker at K0.79 while MGO advanced 3.84 percent to end at K0.27. NBPO on LSE fell 3.55 percent to GBP3.80 as IOC climbed nearly 5 percent o conclude day’s trading at US$36.53.
Today the market should open a bit lower with bids for BSP and KAM at K0.79 and K1.00 respectively. While sellers are lined up at K11.50 for OSH.
PNG NEWS
Commodity and metal prices yesterday closed weaker with Oil loosing 1.3 percent pressured by weaker equity markets and a stronger US dollar.
STO: Energy company Santos will raise as much as $3 billion in a share offering, as it pays down debt and raises funds for a key gas project.
MOVERS
Yesterday’s movers on the local bourse 11/05/09:
BSP: -1.25%
MGO: 3.84%
NBO: 0.36%
OSH: 1.47%
Yesterday saw the local bourse finished relatively calm with light volumes changing hands. BSP opened higher earlier in the day but closed weaker at K0.79 while MGO advanced 3.84 percent to end at K0.27. NBPO on LSE fell 3.55 percent to GBP3.80 as IOC climbed nearly 5 percent o conclude day’s trading at US$36.53.
Today the market should open a bit lower with bids for BSP and KAM at K0.79 and K1.00 respectively. While sellers are lined up at K11.50 for OSH.
PNG NEWS
Commodity and metal prices yesterday closed weaker with Oil loosing 1.3 percent pressured by weaker equity markets and a stronger US dollar.
STO: Energy company Santos will raise as much as $3 billion in a share offering, as it pays down debt and raises funds for a key gas project.
MOVERS
Yesterday’s movers on the local bourse 11/05/09:
BSP: -1.25%
MGO: 3.84%
NBO: 0.36%
OSH: 1.47%
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