Local Market Summary
• The Independent Consumer and Competition Commission (ICCC) will be conducting inspections at fuel depots in the country to ensure that prices for fuel are consistent with the new prices released by the ICCC, Commissioner of ICCC Dr Billy Manoka said. Fuel prices increased by K0.05 to K3.93 per litre and Diesel andKerosene prices up K0.03 and K0.04 to K3.53 and K3.50 per litre respectively.
• The Independent Public Business Corporation (IPBC) Managing Director Wasantha Kumarasiri has announced that more than K100 million has been spent to upgrade the telecommunications sector to make it more competitive in the 21st century market.
• The Melanesian Trustee Services Ltd (MTSL) is expanding its investment portfolio into properties through a newly established entity, the Pacific Balance Fund Properties (PBF Properties). The new company was formed last October after MTSL Board passed a resolution to incorporate the entity under PBF to create a portfolio of income producing real estate assets.
• City Pharmacy Limited (CPL) will be opening its K20m supermarket in March this year. The complex which is being built by Steamships Group of Companies will be leased to CPL. Chairman Mahesh Patel noted that the Waigani Central super-mart will house all CPL brands and will include the largest cinema in the country. The complex is a 50,000 square feet supermarket and is situated at the former Port
Moresby Transport Yard next to CPL’s Waigani Central Stop N Shop supermarket.
• Coppermoly Limited (COY) advises that, further to the announcement on 23 December 2013, it has today completed the allotment procedures for the private placement of 52,737,609 shares at $0.016 per share (ie 1.6 cents per share), to raise approximately $840,000. Funds raised from the Placement will be used to fund exploration of the Company’s tenements and the repayment of the outstanding
convertible notes due for repayment on 21 January 2014, as well as other general working capital requirements.
• KSI was flat at 3,872 while KSI Home Index was up 0.4% for the week at 8,217.
International Market Summary
• The Australian Dollar traded higher, trading in a tight range ahead of the release of US employment figures.
• Australian retail sales figures have come in stronger at 0.7% in November. This was the seventh conservative monthly rise for retail sales.
• Claims for US jobless benefits dropped last week to the lowest level in a month as fewer temporary workers were dismissed following the holidays, showing the U.S. labour market is on the mend. The number of applications for unemployment insurance payments declined by 15,000 to 330,000 in the period ended Jan. 4, the fewest since the end of November, the Labour Department reported today in
Washington. Another report today showed consumers grew a bit more optimistic at the start of 2014.
• JPMorgan Chase & Co this week agreed to pay $2.6 billion to the U.S. government and Bernard Madoff victims to settle allegations that the bank failed to tell authorities about its suspicions of fraud at Madoff’s fund.
• China’s imports rose the most in five months in December, indicating that domestic demand will support economic growth, as the government claimed the title of the world’s biggest trader of goods.
• Mitsubishi UFJ Morgan Stanley Securities Co. and Westpac Banking Corp. are Breaking from the pack to bet the Yen will rally in 2014, which could threaten Japan’s efforts to reflate the economy. The Yen will surge 16% to about 90 per Dollar this year, which would be the strongest level since last January (see chart in the PDF attachment below), from 104.82 in New York yesterday, according to Naohiko Miyata at Mitsubishi UFJ.
• Oil (Brent) price was down 0.1% at US$106.81 and light crude also closed 1.5% lower at US$92.53 for the week.
• Gold closed 0.2% higher at US$1,235.70 for the week.
• During the week the Kina appreciated against the AUD by 0.5% to 0.4464 and USD depreciated 0.2% to USD0.3971.
Click on the link below to view full report in PDF.