18 – 22 May 2026
Weekly Trade Commentary
- Last week saw 6 stocks traded on the local market with a total trading value of K17,068,765.49.
- PLC dominated trading with 1,803,852 shares traded, closing up 18t at K1.33 following the quotation of newly-exercised options.
- BSP traded 516,032 shares and closed higher by 5t at K27.95.
- KSL traded 32,385 shares and gained 20t to close at K4.55.
- NGP traded 37,500 shares higher by 1t, closing at K1.36.
- CCP traded 40,000 shares steady at K4.66.
- CPL traded 17,537 shares steady at K0.79.
WEEKLY MARKET REPORT | 18 May, 2026 – 22 May, 2026
| STOCK | WEEKLY VOLUME | CLOSING PRICE | VALUE | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| BSP | 516,032 | 27.95 | 14,271,151.91 | 0.05 | 0.18% |
| KSL | 32,385 | 4.55 | 147,351.75 | 0.20 | 4.60% |
| STO | – | 22.20 | – | – | – |
| NEM | – | 490.00 | – | – | – |
| KAM | – | 2.10 | – | – | – |
| NGP | 37,500 | 1.36 | 51,000.00 | 0.01 | 0.74% |
| CCP | 40,000 | 4.66 | 186,400.00 | – | – |
| CPL | 17,537 | 0.79 | 13,854.23 | – | – |
| PLC | 1,803,852 | 1.33 | 2,399,007.60 | 0.18 | 15.65% |
| SST | – | 50.00 | – | – | – |
| 2,447,306 | TOTAL | 17,068,765.49 | 0.10% |
KEY MARKET ANNOUNCEMENTS
13 announcements were filed this week — AGM season is in full swing. BSP, KAM, CCP and CGA all released AGM materials. PLC filed an Appendix 2A for quotation of newly-exercised options and a Form 604 on substantial-holder change. STO announced first oil at Pikka in Alaska, a notable corporate milestone. KSL released an updated Appendix 3G on performance rights.
- Market Announcement: NEM – Form 4 as filed Download >>
- Market Announcement: STO – Santos announces first oil at Pikka in Alaska Download >>
- Market Announcement: PLC – Notice of change of interests of substantial holder Download >>
- Market Announcement: PLC – Appendix 2A – Application for Quotation of Securities Download >>
- Market Announcement: CGA – Changes in PNG Air Board – Mr. Watt Kiddie Resignation Download >>
- Market Announcement: KAM – Chair Address to Annual General Meeting Download >>
- Market Announcement: KAM – 2026 AGM Results Download >>
- Market Announcement: CGA – 2025 Annual Report, Proxy & AGM Notice Annual Report >> | Proxy Form >> | AGM Notice >>
- Market Announcement: CCP – Appointment of New Director Jerome Sesega Download >>
- Market Announcement: BSP – 2026 AGM Slide Pack & Chairman and CEO’s AGM Address Slide Pack >> | AGM Address >>
- Market Announcement: CCP – Annual Report for FY2025 Download >>
- Market Announcement: BSP – AGM Meeting Results Download >>
- Updated Market Announcement: KSL – Appendix 3G – Performance Rights Download >>
WEEKLY YIELD CHART | 18 May, 2026 – 22 May, 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 | 13,038,162,854 | K0.450 | K1.210 | K0.500 | K1.380 | 6.73% |
| KSL | 294,332,296 | 1,280,345,488 | K0.106 | K0.155 | K0.126 | K0.193 | 7.01% |
| STO | 3,261,616,703 | 72,407,890,807 | K0.506 | K0.414 | K0.559 | K0.443 | 4.51% |
| NEM* | 1,097,000,000 | 537,530,000,000 | – | K2.110 | K2.110 | (USD) $0.260 | 0.86% |
| KAM | 53,259,588 | 111,845,135 | K0.200 | – | K0.250 | – | 11.90% |
| NGP | 45,890,700 | 61,952,445 | 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 | 858,075,186 | 986,786,464 | – | – | – | – | – |
| SST | 31,008,237 | 1,550,411,850 | K0.400 | K0.300 | K0.400 | K0.650 | 2.10% |
| TOTAL | 5.63% |
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: 20-MAY-26 / GOI / Government Treasury Bill
Settlement Date: 22-MAY-26
Amount on Offer: K210.0 million
| TERMS | ISSUE / 182 | ISSUE / 273 | ISSUE / 364 | TOTAL |
|---|---|---|---|---|
| Weighted Average Yield | 5.08% | 5.17% | 4.91% | |
| Amount on Offer Kina Million | 10.00 | 50.00 | 150.00 | 210.00 |
| Bids Received Kina Million | 53.10 | 146.60 | 219.44 | 417.14 |
| Successful Bids Kina Million | 10.00 | 50.00 | 150.00 | 210.00 |
| Overall Auction OVER-SUBSCRIBED by | 43.10 | 96.60 | 69.44 | 209.14 |
BPNG GOVERNMENT BOND AUCTION
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% | 6.49% | 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 – STOCK SPLITS
A stock split is a corporate action that increases the number of a company’s outstanding shares by issuing additional shares to existing holders, in a fixed ratio, without changing total market capitalisation.
A 2-for-1 split, for example, doubles the share count and halves the price; investors hold twice as many shares each worth half as much.
Companies split their stock primarily to lower the per-share price after sustained appreciation, broadening accessibility for retail investors and improving trading liquidity. A K100 share is psychologically (and sometimes practically) harder to trade than a K10 share, so a split can boost activity.
Common ratios are 2-for-1, 3-for-1, and 3-for-2.
Crucially, a stock split does not change a company’s fundamentals or your wealth — it’s a cosmetic re-denomination. The opposite action, a reverse split, consolidates shares (e.g. 1-for-10) to push the price higher, often to maintain listing standards or shed a low-price stigma.
WHAT WE’VE BEEN READING
The $3 trillion test: SpaceX, OpenAI and the IPO wave that will price the AI boom
Syz Group • Charles-Henry Monchau, CFA, CAIA, CMT — Chief Investments Officer
Two of the most valuable private companies ever created are heading for the public markets within months of each other. SpaceX filed publicly for what would be the largest IPO in history — a raise of roughly $75 billion at a valuation around $1.75 trillion, listing as SPCX on Nasdaq from June 12. Hours earlier, OpenAI signalled a confidential filing for a debut as soon as October.
Together with Anthropic, the three could bring something approaching $3 trillion of new market capitalisation to public investors in a matter of months. That is not an IPO pipeline — it is a stress test for valuations, for passive-flow plumbing, and for the market’s appetite for trillion-dollar narratives built on losses today and transformation tomorrow.
JMP read: PNG investors should watch how SPCX trades against its private mark — a successful pricing extends the boom; a stumble could amplify volatility into already-stretched indices. The sheer scale of these listings will reprice comparable private books regardless of liquidity outcomes.
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