POMSoX Update

FRIDAY 25th JUNE 2009

LOCAL STOCKS

Most of the trading companies closed unchanged yesterday while NBO surged up to close at K20.00; Offers for LGL maintained at K6.40. Overseas last night saw IOC move up nearly 3 percent to US$26.12 as BSP continued to perform steadily at K0.79.

PNG NEWS

Credit Corporation announced to their shareholders at their Annual General Meeting yesterday that they would be paying a dividend of 5 toea to their shareholders which would be made payable in August. Chairman, Garth Mcilwain reassured investors that the company had done very well in 2008 despite the world economic crisis on the back of a well capitalized Banking and Finance industry in PNG which Credit Corp was part of. He stressed that the Board and Management would be taking a conservative approach in 2009 so as to see that Credit Corp would maintain a liquid and sound financial position moving in to 2010 in order to capitalize on many of the financing opportunities of the upcoming PNG LNG project.

In other news, Bank South Pacific has made a non-binding and conditional offer to acquire the banking and insurance business of the Commonwealth Bank of Australia in Fiji. The offer is now subject to due diligence.

MOVERS
Thursday’s movers on the exchange 25/06/09:
BSP: 2.59%
NBO: 11.11%
CCP: -0.51%