01 – 05 June 2026
Weekly Trade Commentary
- Last week saw 5 stocks traded on the local market with a total trading value of K10,650,849.33.
- KSL led the moves, climbing 30t (+6.5%) to K4.90 on 395,928 shares.
- BSP stayed the turnover anchor at K6.86m, up 5t to K28.00 on 245,958 shares.
- PLC traded 655,649 shares, up 7t to K1.40.
- STO added 1,182 shares up 5t to K22.30.
- CPL traded 248,742 shares steady at K0.79.
WEEKLY MARKET REPORT | 01 June, 2026 – 05 June, 2026
| STOCK | WEEKLY VOLUME | CLOSING PRICE | VALUE | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| BSP | 245,958 | 28.00 | 6,857,278.40 | +0.05 | +0.18% |
| KSL | 395,928 | 4.90 | 2,652,800.30 | +0.30 | +6.52% |
| STO | 1,182 | 22.30 | 26,355.85 | +0.05 | +0.22% |
| NEM | — | 490.00 | — | — | — |
| KAM | — | 2.11 | — | — | — |
| NGP | — | 1.36 | — | — | — |
| CCP | — | 4.66 | — | — | — |
| CPL | 248,742 | 0.79 | 196,506.18 | — | — |
| PLC | 655,649 | 1.40 | 917,908.60 | +0.07 | +5.26% |
| SST | — | 50.00 | — | — | — |
| 1,547,459 | TOTAL | 10,650,849.33 | +0.38% |
KEY MARKET ANNOUNCEMENTS
Eleven announcements were filed this week, dominated by CGA — which released its 2026 AGM materials (Chairman’s Address, CEO Address and Results of Meeting) alongside a revised FY2025 Annual Report and Financial Statements. NGP posted its 2026 AGM results. KSL lodged Appendix 10B and Appendix 3G director-interest notices, and NEM filed a run of Form 4 and Form 144 director filings. CGA sits outside the ten-stock coverage universe and is shown here for completeness.
- Market Announcement: CGA – FY2025 Annual Report & Financial Statements — Revised Download >>
- Market Announcement: CGA – 2026 AGM — Chairman’s Address Download >>
- Market Announcement: CGA – 2026 AGM — CEO Address Download >>
- Market Announcement: CGA – 2026 AGM — Results of Meeting Download >>
- Market Announcement: NGP – 2026 AGM — Results of Meeting Announcement >> | Results >>
- Market Announcement: KSL – Appendix 10B — Change in Director’s/CEO Interests Download >>
- Market Announcement: KSL – Appendix 3G — Notice of Director’s Interest (I. Vidovich) Download >>
- Market Announcement: NEM – Form 4 — Director filing (Peter Toth) Download >>
- Market Announcement: NEM – Form 4 — Director filing (Natascha Viljoen) Download >>
- Market Announcement: NEM – Form 144 — Director filing (Peter Toth) Download >>
- Market Announcement: NEM – Form 144 — Director filing (Natascha Viljoen) Download >>
WEEKLY YIELD CHART | 01 June, 2026 – 05 June, 2026
| Stock | Number Issued of Shares | Market Cap | 2024 Interim Div | 2024 Final Div | 2025 Interim Div | 2025 Final Div | Yield % LTM |
|---|---|---|---|---|---|---|---|
| BSP | 467,317,665 | 13,084,894,620 | K0.450 | K1.210 | K0.500 | K1.380 | 6.71% |
| KSL | 294,332,296 | 1,442,228,250 | K0.106 | K0.155 | K0.126 | K0.193 | 6.51% |
| STO | 3,261,616,703 | 72,734,052,477 | K0.506 | K0.414 | K0.559 | K0.443 | 4.49% |
| NEM* | 1,097,000,000 | 537,530,000,000 | — | K2.110 | K2.110 | (USD) $0.260 | 0.86% |
| KAM | 53,259,588 | 112,377,731 | K0.200 | — | K0.250 | — | 11.85% |
| NGP | 45,890,700 | 62,411,352 | K0.040 | K0.120 | K0.040 | K0.190 | 16.91% |
| CCP | 307,931,332 | 1,434,960,007 | K0.120 | K0.121 | K0.121 | K0.130 | 5.39% |
| CPL | 206,277,911 | 162,959,550 | — | — | K0.050 | K0.040 | 11.39% |
| PLC | 860,718,662 | 1,205,006,127 | — | — | — | — | — |
| SST | 31,008,237 | 1,550,411,850 | K0.400 | K0.300 | K0.400 | K0.650 | 2.10% |
| TOTAL | 5.54% |
LTM = Last twelve months. Yields use most recently declared interim and final dividends. NEM dividends in USD until PGK rate announced; NEM excluded from market-wide yield. PLC now added.
BPNG TREASURY BILL AUCTION
Auction Number: 03-JUN-26 / GOI / Government Treasury Bill
Settlement Date: 05-JUN-26
Amount on Offer: K370.0 million
| TERMS | ISSUE / 182 | ISSUE / 273 | ISSUE / 364 | TOTAL |
|---|---|---|---|---|
| Weighted Average Yield | 4.85% | 4.93% | 5.06% | — |
| Amount on Offer Kina Million | 10.00 | 60.00 | 300.00 | 370.00 |
| Bids Received Kina Million | 100.00 | 249.21 | 539.42 | 888.63 |
| Successful Bids Kina Million | 10.00 | 60.00 | 300.00 | 370.00 |
| Over / (Under) Subscribed | +90.00 | +189.21 | +239.42 | +518.63 |
BPNG GOVERNMENT BOND AUCTION
MOST RECENT AUCTION — NO NEW ISSUANCE WEEK ENDING 5 JUNE 2026
Auction Number: 19-MAY-26 / GOB / Government Bond
Settlement Date: 22-MAY-26
Amount on Offer: K380.0 million
| SERIES | Amount on Offer (K’million) | Bids Received (K’million) | Successful Bids (K’million) | Successful Bids Yield | Weighted Average Rate (WAR) | Coupon Rate | Overall Auction Net Subscription |
|---|---|---|---|---|---|---|---|
| Issue ID 2026/5057 (3 years) | 40.00 | 58.00 | 53.00 | 6.13%-6.30% | 6.17% | 6.30% | 18.00 |
| Issue ID 2026/5058 (5 years) | 100.00 | 137.00 | 100.00 | 6.49%-6.49% | 4.49% | 6.70% | 37.00 |
| Issue ID 2026/5059 (7 years) | 60.00 | 71.00 | 60.00 | 6.61%-6.61% | 6.61% | 6.80% | 11.00 |
| Issue ID 2026/5060 (10 years) | 100.00 | 216.63 | 162.00 | 6.60%-6.80% | 6.72% | 6.90% | 116.63 |
| Issue ID 2026/5061 (15 years) | 80.00 | 164.00 | 80.00 | 7.00%-7.17% | 7.06% | 7.30% | 84.00 |
| TOTAL | 380.00 | 646.63 | 455.00 | 266.63 |
INVESTOR EDUCATION – SUSPENSION vs DELISTING
WHAT’S THE DIFFERENCE?
A suspension is a temporary halt in trading — a “time-out” while a company resolves an issue. The company stays listed, shareholders keep their shares, and trading resumes once the matter clears. Suspensions are usually short (hours, days or weeks) and are imposed by the exchange or the regulator.
A delisting is the permanent removal of a company’s stock from an exchange, stripping its publicly listed status. It can be voluntary — the company chooses to go private or move exchanges — or involuntary, where the exchange forces removal for breaches such as falling below minimum thresholds or failing to meet reporting obligations.
On PNGX both powers rest with the exchange’s absolute discretion under the Capital Market Act 2015 and the PNGX Listing Rules (Chapter 26). After a delisting, shares may still change hands over-the-counter, but with far less liquidity and transparency — and the market generally reads a delisting as a serious negative signal.
FOUR PNGX TRIGGERS
- Regulatory non-compliance
The Securities Commission can direct a suspension. The most-cited case: Oil Search, then PNG’s largest listing, was suspended “until further notice” after the Commission found it had not complied with the Capital Market Act 2015 over a capital-raising proposal. - Continuous-disclosure breaches
PNGX treats timely disclosure as paramount. A listed entity must immediately release any information a reasonable person would expect to materially affect its share price. Failure to do so can trigger a trading halt or suspension. - Voluntary delisting / restructuring
The most common delisting route. Oil Search left PNGX in December 2021 after merging with Santos; Newmont voluntarily delisted from Toronto in 2025 citing low volumes while keeping its PNGX listing. - Failure to meet listing rules
Falling below ongoing thresholds (working capital, assets, market cap, shareholder spread) or non-lodgement of accounts under Chapter 5 can lead to suspension and, ultimately, delisting. InterOil and Highlands Pacific exited after acquisitions.
WHAT WE’VE BEEN READING
Industrial policy is adapting to crises, but remains hard to implement well
IMF Blog — IMF Research • Jakubik, Jaumotte, Pienknagura & Ruta
Industrial policy — government intervention to support specific firms or industries — has surged since 2020, accelerated first by COVID-19 and now by Middle East conflict and high energy prices. The IMF’s New Industrial Policy Observatory records more than 52,000 interventions across 75 countries since 2009; last year’s total ran about 2.5 times the pre-pandemic average, and many crisis-era measures have stayed in place.
The evidence on effectiveness is sobering. Industrial policy tends to lift competitiveness in targeted sectors only briefly, and mostly where those sectors were already strong. Firm-level subsidies raise capital investment, but their productivity gains fade — and can reverse — within a few years. Broader, economy-wide reforms often deliver bigger, more durable gains: institutional and regulatory improvements can raise output in inefficient industries by up to 10%, around five times the medium-term boost from industrial policy.
JMP read: For PNG — a resource economy weighing how actively to steer investment — the lesson is that targeted subsidies are no shortcut. The strongest results come from backing already-competitive sectors and upstream supply-chain inputs, and from getting macro and institutional fundamentals right first. With resilience- and security-driven intervention now rising globally, design and governance matter more than ambition.
Regards,
JMP Securities Team
a. Level 3, ADF Haus, Musgrave St., Port Moresby NCD Papua New Guinea
p. PO Box 2064, Port Moresby NCD Papua New Guinea
Benny Takin
Email: benny.takin@jmpmarkets.com
Ph: +675 7001 9121 / 320 0240