POMSoX Weekly Update

Last week saw the local market closed steady with most of the listed stocks experiencing small changes in their share prices; BSP traded at an average price of K0.99 with reasonable volumes; and LGL on the local market reached a high of K5.00 while on the ASX it surged 5 percent on the back of a strong gold price to end the week at A$3.35.

Overseas, IOL concluded the week at US$19.63 with a high of US$20.00 on the AMEX while in London NBPO ended stronger at GBP2.63.

Company research: Rift Oil

Rift Oil Plc (Rift) is a UK-based company engaged in oil and gas exploration. The Company operates within the UK and Papua New Guinea.

BSP Capital has just released the latest research report on Rift. Email gminia.bspcapital@bsp.com.pg to receive a copy.

PNG Stock Update

LOCAL STOCKS
The local market concluded the week flat, with only a small volume changing hands for BSP and NBO at K0.98 and K9.50 respectively. While in London saw NBPO closed at GBP2.63 as IOL rallied nearly 2 percent reaching a high of US$20.00.

This morning has offers for CGA as low as K0.96 and NBO buyers are lined up at K9.60.

RESEARCH
New report released on Rift Oil today. Email gminia.bspcapital@bsp.com.pg to be sent a copy.

POMSoX UPDATE

LOCAL STOCKS

Trading was not as active yesterday with light volumes changing hands. LGL saw trades go through at K5.00 while the offers for NBO closed at K10.00. Last night in London had NBPO finished up 12 percent registering trades at GBP2.60, while IOC ended at US$19.00 in the US.

The market today will be off to a sluggish start but should settle stronger on the back of more positive news from the trading companies. With offers for CPL are at a low of K2.50 in the pre-open stages of the market.

MOVERS
Yesterday’s mover on POMSoX 12/02/09:
BSP:-1.01%

Gold Technical Analysis

Gold’s recent stall around the $900 level has locked the market into a range of around $890 to $920. Longer term technical signals remain bullish here, but some signs of the trend slowing down are starting to emerge. We’d remain bullish while market holds above recent range low $890, but consider reversing to bearish on a break below this level.

POMSoX Update

LOCAL STOCKS

Tuesday, saw the market finished relatively quiet with only a few trades going through, BSP gained 1 percent to end at K1.00, and MGO ended unchanged at K0.17. In overseas, last night saw NBPO loosing a little to close at GBP2.45 while InterOil in the US fell 6 percent to US$18.10 reaching a high of US$21.00.

The opening phase of the market today has bids for BSP as high as K0.95 while NBO bidders are at K9.51 and KAM sellers at a low K1.17.

PNG NEWS

COY: CopperMoly Limited recently listed on the local market reported yesterday that the first two drills at Nakru-2 prospect have higher grade copper mineralization.

PNG Stock Update

LOCAL STOCKS
The local bourse closed stronger with the listed companies ending the week with reasonable volumes. BSP advanced 1 percent to K0.99; as OSH closed the week at K8.00; while LGL on the local market had bids ending at K4.10. NBO in London finished steady at STG2.58

Today has offers for KAM as low as K1.17 while NBO has bids as high as K9.50.

PNG NEWS
In commodities, spot gold remains strong last hitting $US911.50, just a little down from highs. PNG receives a lot of revenue from commodities such as copper and oil, of which both have fallen drastically. The nation's gold reserves could help offset some of the losses.

MOVERS

BSP: 1.02%
OSH: 0.50%