Losses, but not as bad as last week

ALTHOUGH stocks on our watchlist had a bad week, it was a slight improvement on last week’s horror showing.

There were heavy losses on the Toronto Stock Exchange for Madison Minerals and LNG Energy, which lost 11.54% and 16.67% respectively over the week against broader losses for the TSX.

However, Marengo Mining managed to buck the trend, posting a gain of 3.33% for the week, and New Guinea Gold managed to break even.

The worst offenders on the Australian Securities Exchange were Highlands Pacific and MIL Resources, which posted losses of 4.41% and 5.26 respectively.

Coppermoly and Kula Gold managed to post solid gains of 4.55% and 4.44% respectively to finish at 12c and $1.88 for the week.

Gold Anomaly managed to keep the momentum going this week after posting a whopping 13.16% rise last week, cooling to post a 2.33% gain to finish at 4.6c.

It was another quiet week in Port Moresby, with only three stocks on our watchlist moving either way.

As on the TSX, Marengo Mining posted a gain to finish at 0.80 kina, a gain of 2.56%, but Kina Asset Management and New Britain Palm Oil lost out, wiping off 3% and 9.67% respectively.

Interoil had a good week after posting its quarterly results, gaining 3.18% in New York.

Commodities also had a bad week, but losses softened after last week's bloodbath.

Copper finished at $US8712 per tonne, a loss of $96 for the week, while nickel also posted a slight loss, down $41/t to finish on $24549/t on the London Metals Exchange.

Gold managed to arrest recent slides, posting a moderate 50c gain after losing out last week to finish trading last night at $1488.25 an ounce.

Tapis crude dropped value this week, falling to $118.73 a barrel, down from $126.93/bbl.

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