Strong growth for many PNG stocks

KEY commodities in Papua New Guinea are all up this week despite continuing economic uncertainty around the world.

European markets remained jittery due to the ongoing sovereign debt crisis, while American markets were up overnight due to the release of more positive economic data.

London Metal Exchange cash copper remains high at $US8394.75 a tonne, a 2.8% gain from last Friday.

By the same comparison, LME cash nickel was up 2% to $19917/t last night.

Spot gold was trading around $1778.38 an ounce this early afternoon which is up 3% from last Friday.

Nothing is getting in the way of Singapore Tapis crude which closed at $132.92 a barrel overnight - up 2.4% from the end of last week.

The Mitsubishi joint venture with Talisman Energy has lifted the other players involved by big margins, with Horizon Oil, Eaglewood Energy and New Guinea Energy climbing up the ladder of our watch lists.

Disclaimer: Aspermont Publishing owns shares in New Guinea Energy.


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