POMSoX UPDATE

LOCAL STOCKS

The local market finished on a calm note yesterday with BSP ending stronger at K0.78 while NBO slid 8.52 percent as it concluded trading at GBP3.82; OSH also tracked equities in Aussie closing higher at K12.30.

Trading on the local bourse may open flat and gradually rise riding on announcements from the trading companies;
The kina is buying 0.4451 and selling 0.4029 Aussie this morning.

PNG NEWS

BSP: the bank reported yesterday announcing its 1H 2009 report for the financial period highlighting a consolidated operating profit of K190.47 million for the half year, a slight increase on the consolidated operating profit of K185.83 recorded for the same year.

HIG: Highlands also released its half year accounts registering a Highlands Pacific Limited has today released its interim financial report for the half-year ended 30 June 2009. The result is a net operating profit of US$3.3 million.
The profit is attributable in large part to the gain on the sale of exploration licence 1277 to Barrick Gold Corporation (a transaction first signed in December 2007) and the gain on the sale of surplus properties in Madang, PNG.

OSH: Oil Search (Iraq) Ltd reports that the Shakal-1 exploration well in the Kurdistan Region of Iraq has reached its total depth of 3,037 meters. The well commenced drilling in October 2008.

MOVERS
Yesterdays’ movers on the local bourse 07/09/09:
BSP : 1.29%
NBO: -8.52%
OSH: 2.50%