Beacons amongst the gloom

IT was a week of broad losses for PNG-focussed stocks but there were a few bright spots to lift the gloom.

PNG LNG joint venture partner LNG Energy had the biggest gain on our watch list this week, jumping 10.64% to C52c on the Toronto Stock Exchange.

New Britain Palm Oil also managed a significant gain, climbing 10.62% to sit at 30 kina on the Port Moresby Exchange.

Apart from NBO, there was little activity from the rest of the PomSox-listed companies, with five out of the seven companies staying on standby.

It was a disappointing week for TSX-listed Vangold Resources, which dived 20% to 12c.

Papuan Precious Metals also posted a loss, of 5.1%.

Big movers on the Australian Securities Exchange included Gold Anomaly and Allied Gold, which gained 9.8% and 5.4% respectively.

Despite Bougainville Copper's assertion that it intended to reopen the Panguna mine, the company fell from last week's high, slipping 11.7% to finish at $1.36 in early trade today.

On the commodities front copper had a slight loss of $US39.75 per tonne, finishing at $9010/t.

Nickel also suffered a loss, down $US704.00/t to $22,821/t, while gold rallied from last week's loss to post a gain of $18.75 per ounce to finish at $1521.50/oz.

Tapis crude managed a marginal gain during the week, up $3.51 per barrel to close at $122.86/bbl.


Most read Regions

  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more

Most read Regions