LOCAL STOCKS
Trading on the market was quite active with reasonable volumes changing hands for BSP at K0.79. CPL also surged 2.91 percent so did LGL advancing by 40 toea; and OSH fell 5 toeas to K10.95. On the offshore markets IOC ended stronger adding 5 percent to US$35.77 as NBPO finished GBP3.68.
The pre-open phase of the market today has bids NBO at K17.06 while OSH buyers are lined up at K10.90.
MOVERS
Friday’s movers on the local bourse 29/05/09:
BSP: 1.26%
CPL: 2.91%
KAM: 1.76%
LGL: 6.54%
OSH: -0.45%
Monday, June 1, 2009
Thursday, May 28, 2009
POMSoX UPDATE
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%
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$63.41/ barrel.
MOVERS
Wednesday’s movers on the local bourse 27/05/09:
CGA: 26.00%
KAM: 0.89%
Monday, May 25, 2009
Kina Continues to Rise
Another week of significant export proceeds with low appetite importer demand as a result of a surging Australian dollar saw the kina rise by 35 points for the week to close at U.S$ 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%
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