The Kina Securities Main index retreated while the Home Index remained unchanged as one out of four stocks that traded fell after close of Tuesday’s POMSOX session. The Main index KSi shed 19.80 points or 0.54% to 3,631.87 points. Meanwhile the Home Index KSHi was steady at 9,798.62 points.
PNG’s leading oil and gas stock Oil Search Ltd (OSH) was the setback of the day as the stock closed K16.80, down 21 toea despite positive 2014 full year results. The company announced today that it had a 186% rise in production and a 135% increase in profit from 2013 resulting all-time high, reflecting PNG LNG Project start-up plus solid performance from oil fields. The stock will also be paying a final dividend of 4 cents per share plus a special
dividend of 4 cents per share in March 2015.
Unmoved stocks for the day included mining exploration stock Marengo Mining Ltd (MMC) and lender Credit Corporation Ltd (CCP) at 4toea and K2.60 respectively. Financial Bank South Pacific Ltd (BSP) ended trades at K7.45 flat.
The day’s trading recorded 137,995 units of shares valued at K84,185.85.
U.S stocks ended Monday’s choppy session roughly, as a late-afternoon rebound helped pare early losses. A drop in oil prices weighed on energy companies while a pickup in merger-and-acquisition activity in the pharmaceutical industry helped push health-care stocks slightly higher. The Dow Jones Industrial Average ended the session down 23.54 points, or 0.1%, at 18,116.90 points. Japan’s Nikkei share average edged up on Tuesday following comments by U.S Federal Reseve Chair Janet Yellen regarding lift-off date for policy tightening. The Nikkei rose 0.1 percent to 18,482.55 points after dipping into negative territory briefly. The Australian share market has closed slightly higher, boosted by what investors considered a good financial result from BHP Billiton despite a big drop in the global miner’s profit On Tuesday, the benchmark S&P/ASX200 index was up 19 points, or 0.32 per cent, at 5,927 points.