PNGX Equities • Fixed Income • Investor Education
Turnover recovers to K4.55m
BSP and CPL lead six counters
JMP Weekly Report | Week ending 28 August 2026
|
Trading Value
K4.55m
×3.9 on prior week
|
Total Volume
944,983
×5.0 on prior week
|
Stocks Traded
6 of 10
BSP, KSL, KAM, NGP, CPL, PLC
|
Market Yield (LTM)
5.49%
flat wow
|
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Weekly Trade Commentary
Activity recovered — turnover rose to K4.55m on 944,983 shares as six counters traded. BSP led on value at K3.54m, steady at K28.00 on 125,097 shares (it peaked at K28.65 before going ex-dividend). CPL was the volume story, trading 735,126 shares steady at K1.05. KSL added 38,850 shares up 1t to K4.45, NGP 39,583 shares steady at K1.36, and KAM 4,943 shares steady at K2.25. PLC traded just 1,384 shares at K1.48. STO, NEM, CCP and SST did not trade.
| Stock | Volume | Close (K) | Value (K) | Change | Change % |
|---|---|---|---|---|---|
| BSP | 125,097 | 28.00 | 3,539,915.00 | — | — |
| KSL | 38,850 | 4.45 | 172,695.37 | +0.01 | +0.23% |
| STO | — | 22.61 | — | — | — |
| NEM | — | 490.00 | — | — | — |
| KAM | 4,943 | 2.25 | 11,121.75 | — | — |
| NGP | 39,583 | 1.36 | 53,832.88 | — | — |
| CCP | — | 4.66 | — | — | — |
| CPL | 735,126 | 1.05 | 771,882.30 | — | — |
| PLC | 1,384 | 1.48 | 2,048.32 | — | — |
| SST | — | 50.00 | — | — | — |
| TOTAL | 944,983 | 4,551,495.62 | 0.00% |
Source: PNGX matched on-market trades, week ending 28 August 2026. JMP Securities analysis.
Dividend Yield
Market-wide LTM dividend yield held at 4.75% this week (weighted by market cap, legacy methodology), steady week on week — BSP’s 2026 interim (K0.54) still lifting its LTM yield to 6.86%, even as the stock traded ex-dividend. KSL edged to 7.17% on its tick up to K4.45; the rest of the board was unchanged. NGP (16.91%) still leads, with KAM (11.11%) and CPL (8.57%) next. KSL (7.17%), BSP (6.86%), CCP (5.39%) and STO (4.43%) follow, with SST at 2.10%. PLC remains pre-dividend.
| Stock | Issued Shares | Market Cap (K) | Int 24 | Fin 24 | Int 25 | Fin 25 | Yield |
|---|---|---|---|---|---|---|---|
| BSP | 467,317,665 | 13,084,894,620 | 0.450 | 1.210 | 0.500 | 1.380 | 6.86% |
| KSL | 294,332,296 | 1,309,778,717 | 0.106 | 0.155 | 0.126 | 0.193 | 7.17% |
| STO | 3,261,616,703 | 73,745,153,655 | 0.506 | 0.414 | 0.559 | 0.443 | 4.43% |
| NEM* | 1,097,000,000 | 537,530,000,000 | — | 2.110 | 2.110 | USD $0.520 | 0.86% |
| KAM | 53,259,588 | 119,834,073 | 0.200 | — | 0.250 | — | 11.11% |
| NGP | 45,890,700 | 62,411,352 | 0.040 | 0.120 | 0.040 | 0.190 | 16.91% |
| CCP | 307,931,332 | 1,434,960,007 | 0.120 | 0.121 | 0.121 | 0.130 | 5.39% |
| CPL | 206,277,911 | 216,591,807 | — | — | 0.050 | 0.040 | 8.57% |
| PLC | 860,718,662 | 1,273,863,620 | — | — | — | — | — |
| SST | 31,008,237 | 1,550,411,850 | 0.400 | 0.300 | 0.400 | 0.650 | 2.10% |
| TOTAL / WEIGHTED AVERAGE | 5.49% | ||||||
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.
Key Market Announcements
Four filings this week. KSL notified the market of its HY2026 results, and STO disclosed a change in substantial holding. NEM lodged a director’s Form 4 (Gregory H. Boyce), and PNGX issued a public-holiday notice for National Repentance Day on 26 August.
| Stock | Announcement |
|---|---|
| KSL | Notification of HY2026 Results Download >> |
| STO | Change in substantial holding Download >> |
| NEM | Form 4 as filed — director (Gregory H. Boyce) Download >> |
| PNGX | Public Holiday Notice — National Repentance Day (26.08.26) |
Source: PNGX market announcements, 24–28 August 2026.
BPNG Treasury Bill Auction
Auction: 25 August 2026 | Settlement: 28 August 2026 | Amount on offer: K270.0 million
| Terms | 63 days | 91 days | 182 days | 273 days | 364 days | Total |
|---|---|---|---|---|---|---|
| Weighted Average Yield | — | — | 4.62% | 4.98% | 5.02% | — |
| Amount on Offer (K’m) | — | — | 20.00 | 50.00 | 200.00 | 270.00 |
| Bids Received (K’m) | — | — | 20.00 | 0.00 | 191.11 | 211.11 |
| Successful Bids (K’m) | — | — | 20.00 | 0.00 | 165.11 | 185.11 |
| Over / (Under) Subscribed (K’m) | — | — | 0.00 | −50.00 | −8.89 | −58.89 |
BPNG Government Bond Auction
No new Government Bond issuance was held during the week ending 28 August 2026. The most recent auction was held on 18 August 2026, with settlement on 21 August 2026. K480.0 million was offered, with K563.0 million in bids received and K480.0 million in successful bids, resulting in net subscription of K83.0 million.
| Series | Offer (K’m) | Bids (K’m) | Successful (K’m) | Successful Yield | Weighted Avg | Coupon | Net Subscription (K’m) |
|---|---|---|---|---|---|---|---|
| 2026/5057 – 3 yr | 50.00 | 60.00 | 50.00 | 6.10–6.27% | 6.26% | 6.30% | +10.00 |
| 2026/5058 – 5 yr | 100.00 | 118.00 | 100.00 | 6.43–6.70% | 6.61% | 6.70% | +18.00 |
| 2026/5059 – 7 yr | 80.00 | 85.00 | 80.00 | 6.73–6.80% | 6.76% | 6.80% | +5.00 |
| 2026/5060 – 10 yr | 150.00 | 180.00 | 150.00 | 6.73–6.90% | 6.84% | 6.90% | +30.00 |
| 2026/5061 – 15 yr | 100.00 | 120.00 | 50.00 | 7.13–7.30% | 7.26% | 7.30% | +20.00 |
| TOTAL | 480.00 | 563.00 | 480.00 | +83.00 | |||
Investor Education: Asset Management
An asset management company (AMC) invests pooled client capital across financial markets for a management fee, acting as a fiduciary on behalf of its investors. It aggregates savings from many individuals and institutions into funds large enough to access institutional-grade opportunities, then researches, selects and actively monitors the underlying securities — equities, bonds, property and alternatives — on clients’ behalf.
Beyond selection, AMCs diversify risk across assets, sectors and geographies; provide liquidity by letting investors buy and redeem fund units without trading the underlying; exercise stewardship by voting shares and engaging company management; and operate under regulatory and fiduciary standards that protect client interests. In short, asset managers are the bridge between savings and markets — converting diffuse household savings into the large, professionally-directed pools of capital that keep primary issuance and secondary trading liquid.
AMCs come in several forms: mutual funds and unit trusts for retail and institutional investors; pension and superannuation funds with long-horizon mandates; hedge funds using leverage and shorting for absolute returns; sovereign wealth funds investing national reserves; insurance asset managers investing premiums against future claims; and low-cost ETF and index managers. The giants dwarf entire national markets — BlackRock manages roughly US$13.9tn and Vanguard about US$12tn.
| 01 | Pool & manage capital Aggregate savings from many investors into funds large enough to access institutional-grade opportunities, then research, select and actively monitor the holdings. |
| 02 | Diversify & provide liquidity Spread capital across assets, sectors and geographies to reduce single-name risk, and let investors buy and redeem units without trading the underlying directly. |
| 03 | Stewardship & compliance Vote shares and engage company management to shape governance, while operating under fiduciary and regulatory standards that protect client interests. |
| 04 | The global giants The largest managers — BlackRock (~US$13.9tn) and Vanguard (~US$12tn), then Fidelity, State Street and J.P. Morgan AM — run pools rivalling national economies. |
What We’ve Been Reading
Featured Read
Well-designed regulatory reform can boost growth
IMF Blog • Fernandez-Arias, Ibrahim & Ladreit
The G20 — about 85% of global output — has weathered another year of shocks, but its medium-term growth prospects remain weak. The IMF forecasts annual growth of just 3% for the group by 2031, near the lowest since the global financial crisis. Part of the drag, it argues, is poorly designed structural policy, excessive or badly targeted regulation, and weak institutions. A new survey of IMF country teams finds about half of the G20’s advanced economies and three-quarters of its emerging markets face constraints from excessive labour-, product-market or consumer regulation — though some suffer from too little.
The point is not simply less regulation but better-calibrated regulation. Liberalizing labour-market reforms deliver output gains mainly where existing rules are restrictive; market-friendly moves — easing entry into regulated sectors, lighter telecoms frameworks that support digital and AI diffusion — have historically lifted investment and growth. Yet such reforms have grown rarer since the 1980s and 1990s, held back by political-economy frictions between stakeholders and levels of government. Credible institutions, clear communication and transition measures such as retraining can help overcome them.
Continue reading full article >>
JMP read: For PNG — an emerging market where the IMF specifically flags underdeveloped capital markets, weak public-investment management and governance gaps as binding constraints — the message lands directly. Growth is not only about macro settings; it is about the regulatory and institutional plumbing beneath investment. Deepening the domestic capital market (where PNGX and firms like JMP sit), tightening public-investment discipline and strengthening institutions are precisely the “get regulation right” levers the report identifies.
For Further Enquiries
Speak to your equities trader for any orders, research questions or market colour.
Benny Takin
Equities Trader – Primary contact, JMP Weekly Report
benny.takin@jmpmarkets.com
+675 7001 9121 / 320 0240
JMP Securities Limited
Level 3, ADF Haus, Musgrave Street
PO Box 2064, Port Moresby NCD, Papua New Guinea
Disclaimer
This report has been prepared by JMP Securities Limited (Capital Market Licence holder, Securities Commission of PNG). It is general information only and does not take into account the objectives, financial situation or needs of any particular person. It is not an offer or solicitation to buy or sell any security. Information is sourced from PNGX, Bank of Papua New Guinea and external publications cited herein, with JMP analysis. While reasonable care has been taken, no warranty is given as to accuracy or completeness; to the maximum extent permitted by law JMP accepts no liability for loss arising from reliance on this material. Investors should obtain independent professional advice before making any investment decision.