Topsy turvy week on markets

IT was a week where the winners were balanced out by the losers and nobody could make a call on whether it had been a good week or a bad one for PNG stocks.

On the Port Moresby Exchange New Britain Palm Oil won the week, gaining 19.47% to finish at 4.89 kina at yesterday's close.

Marengo Mining also posted a double-digit gain, up 11.11% for the week.

However, the news wasn't so good for Bank South Pacific or Kina Asset Management which lost 8.86% and 4.9% respectively.

On the Australian Securities Exchange it was a good week for the microcaps, with Goldminex posting an 8.82% gain in the week to today.

Horizon Oil also got in on the act, posting an 8.22% gain after it was able to hold onto its PRL 5 acreage.

Late last year Horizon sought leave for a judicial review of the government's decision not to extend PRL 5 and had successfully obtained an injunction to restrain dealings in respect of the acreage.

Frontier Resources, however, had a horror week on the market, chalking up a loss of 19.35% off its price.

On the Toronto Exchange the clear winner for the week was Vangold Resources, which finished last night's trade at C20c, a gain of 18.18% for the week.

The news was also good for Nautilus, which halted its recent slide with news that the PNG government had signed on the dotted line to take a 30% stake in the Solwara-1 project.

Madison Minerals and Papuan Precious Minerals lost out on the exchange, posting losses of 3.23% and 8.16% for the week respectively.

In London, the news was good for Triple Plate Junction, which picked up a 15.34% gain.

Copper didn't have a good week on the London Metal Exchange, losing $US259.25 per tonne or 2.68% for the week.

It was a similar story for nickel, which fell $966/t for the week to finish at $26,075/t at the completion of last night's trade.

Gold continues its time in the above-$1400 an ounce sun on the back of political unrest and euro debt concerns, this week gaining 96c to finish at $1430.70/oz.

Tapis continued to climb, although the rate of ascent slowed as the market adjusted to unrest in the Middle East.

This week, it finished at $122.62 per barrel, up from $120.72/bbl.

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