POMSoX UPDATE

LOCAL STOCKS

The market was relatively active with BSP and NBO closing at K0.64 and K19.00 respectively. Whilst CCP fell 3.44 percent to K1.40 with offers closing the day at K1.44 and OSH finished at K12.99 with small volumes changing hands.

Resources outperformed globally with copper rallying to a fresh four month high, while crude oil rose almost $2 per barrel to $73.91 as the precious metal clipped 0.16 percent to close at $1248.10 an ounce.

The market should open higher today after offshore markets moved into positive territory riding on strong gains in Australia which continued into Europe last night; Pre-open phase has a bidder for CGA shares at K0.50 as MGO buyers are lined up at a high K0.27. In currency news, Kina is buying 0.4264 and selling at 0.3819 aussie.

PNG NEWS

MSTG: Metals Storm Limited came out yesterday with their Half Year results reporting a 29 percent rise in its revenues from ordinary activities, but a 35 percent net loss attributable to its members.

MOVERS
Yesterday’s movers on the bourse 31/08/10;
CCP: -3.44%