Investors return to NGE

NEW Guinea Energy was the star performer on our watchlists during another volatile week as investors await an exploration pay day from the Talisman Energy-operated Siphon-1 well in PNG’s Western Province.

NGE's half-owned well is nearing the main reservoir target of the Toro sandstone, while the explorer also made a presentation on its PNG leads and prospects to corporate investors yesterday.

Shares in NGE have soared 42% for the week.

US markets struggled overnight on the back of uninspiring comments from Federal Reserve chairman Ben Bernanke and worse than anticipated job claims data.

In another bad omen, Nasfund, which has posted some enviable growth results over the past few years, has released a very negative world outlook this week.

Key PNG commodities have fluctuated throughout the week but are still holding up at strong prices overall.

London Metal Exchange cash copper prices closed at $US9096.25 per tonne overnight, up less than half a percent from last Friday's close.

But LME cash nickel prices were up 2.8% by comparison, closing at $22,057.50/t overnight.

Singapore Tapis crude is continuing an overall upward trend and closed at $123.74 a barrel overnight, a 1.5% gain from the end of last week.

Spot gold went past the $1900 an ounce level on Monday but was trading around $1860.58 an ounce this morning, which is a 1% fall from last Friday.

Disclaimer: Aspermont Publishing owns shares in NGE.


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