Nautilus returns from the depths

SHARES in deep-sea explorer Nautilus Minerals are up almost 27% this week on news of a purported hostile takeover offer. has been covering the story and is yet to get enough evidence to rule out a press release-based pump-and-dump scheme.

Meanwhile, stronger Chinese trade data has provided some hope to global markets this week, but there are also signs of more challenges ahead for the Eurozone.

The European Central Bank and Bank of England did not change interest rates overnight, with the ECB pinning its hopes on economic recovery later in 2013.

But there are some anecdotal indicators from Europe that provide a different story, with Spanish media reporting on two cases of people setting themselves on fire this week amid a spate of financial-related suicides in this unemployment-hit country.

Key PNG commodities appear to be treading water for the time being.

Spot gold was trading at $US1672.75 an ounce in the past hour, up 1% for the week.

Singapore Tapis crude closed at $117.57 a barrel overnight, a gain of 0.8% from last Friday.

London Metal Exchange cash copper was up a mere 0.4% week to date to $8084.25 a tonne overnight. LME spot nickel was a similar story and gained 0.3% for the week to $17,344/t overnight.

As for other PNG-related stocks, InterOil shares are up nearly 6% as expectations build once again following the success of its Antelope-3 well.

Microcap explorers Gold Anomaly and New Guinea Gold surged this week despite making no announcements, while many of the bigger PNG players have lost ground.

Marengo Mining has changed its ASX ticker from MGO to MMC as part of its completed redomicile to Canada.


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