Horror show from PNG stocks

ONLY two stocks from PNG’s 39-strong watchlist managed a gain this week as securities and commodities took a dive.

The worst performers were Regency Mines, LNG Energy and Coppermoly, although Gold Anomaly was able to buck the trend on the Australian Securities Exchange.

It announced on Monday that it hit "outstanding" gold intercepts from drilling at the Nevera prospect within its flagship Crater Mountain gold project.

Its second drillhole at Nevera intersected a section of 215 metres at 1.46 grams per tonne gold from 181m including 26m at 4.6gpt gold from 217m and 46m at 2.42gpt gold from 272m.

News of the results saw the company's shares jump as much as A1.9c to an intraday high of 5.7c on Monday with over 396.5 million shares changing hands by day's end.

The price pulled back to 4.3c in early trading today.

The other stock to move forward this week was Kina Asset management on the Port Moresby Exchange.

Regency Mines didn't fare well on the London Exchange, wiping off 18.86%, while PNG-focused Triple Plate Junction was also caught up in the carnage, losing 9.15%.

Nautilus Minerals and LNG Energy lost out on the Toronto Exchange, dropping 14.52% and 19.17% respectively.

While PNG stocks had a horror week, it should be noted that broader indices also lost out, with the All Ordinaries wiping off 0.72% for the week in early trade and the Standard & Poors TSX composite index losing 3.14% since April 29.

Commodities also had a bad time of it, with copper losing $US502.25 per tonne over the week on the London Metal Exchange to finish at $8793.75/t.

It was a similar story for nickel, which wiped off $2326/t while gold fell back from $1531 an ounce to finish the week at $1514.50/oz on the LME.

Tapis crude also fell, finishing at $126.93 per barrel from $132.08/bbl.

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