25 – 29 May 2026
Weekly Trade Commentary
- Last week saw 7 stocks traded on the local market with a total trading value of K8,950,419.75.
- PLC continued to dominate volume with 1,765,244 shares traded, closing steady at K1.33.
- BSP traded 229,799 shares and closed steady at K27.95.
- KSL traded 26,188 shares and gained 5t to close at K4.60.
- STO traded 978 shares and gained 5t to close at K22.25.
- KAM traded 493 shares and gained 1t to close at K2.11.
- NGP traded 2,500 shares steady at K1.36.
- CCP traded 1,616 shares steady at K4.66.
WEEKLY MARKET REPORT | 25 May, 2026 – 29 May, 2026
| STOCK | WEEKLY VOLUME | CLOSING PRICE | VALUE | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| BSP | 229,799 | 27.95 | 6,423,506.15 | — | — |
| KSL | 26,188 | 4.60 | 120,665.59 | +0.05 | +1.10% |
| STO | 978 | 22.25 | 21,760.50 | +0.05 | +0.23% |
| NEM | — | 490.00 | — | — | — |
| KAM | 493 | 2.11 | 1,040.23 | +0.01 | +0.48% |
| NGP | 2,500 | 1.36 | 3,400.00 | — | — |
| CCP | 1,616 | 4.66 | 7,530.56 | — | — |
| CPL | — | 0.79 | — | — | — |
| PLC | 1,765,244 | 1.33 | 2,372,516.72 | — | — |
| SST | — | 50.00 | — | — | — |
| 2,026,818 | TOTAL | 8,950,419.75 | +0.20% |
KEY MARKET ANNOUNCEMENTS
11 announcements were filed this week, with two notable items. BSP disclosed it was investigating unauthorised third-party access — a cybersecurity incident the market will be watching. CGA issued a statement on the Goroka aircraft incident. PLC announced Darren Holley’s appointment as COO and CCO. AGM materials came from KSL, SST and CCP; STO held its 2026 Investor Briefing Day.
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- Market Announcement: BSP – Investigates unauthorised third-party access Download >>
- Market Announcement: CGA – Statement on Goroka Aircraft Incident Download >>
- Market Announcement: PLC – Appointment of Darren Holley as COO and CCO Download >>
- Market Announcement: KSL – 2026 AGM Chairman’s Address and Managing Director & CEO’s Address and CEO’s presentation Speeches >> | CEO Presentation >>
- Market Announcement: KSL – 2026 AGM Results Download >>
- Market Announcement: SST – 2026 AGM Results and Board Resolutions Download >>
- Market Announcement: SST – Appendix 10A — Notice of Initial Director’s Interest Download >>
- Market Announcement: STO – 2026 Investor Briefing Day Download >>
- Market Announcement: CCP – Notice of 2026 Annual General Meeting Download >>
- Market Announcement: PLC – Application for quotation of securities Download >>
- Market Announcement: PLC – Appendix 2A – Application for quotation of securities Download >>
WEEKLY YIELD CHART | 25 May, 2026 – 29 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 | 13,061,528,737 | K0.450 | K1.210 | K0.500 | K1.380 | 6.73% |
| KSL | 294,332,296 | 1,353,928,562 | K0.106 | K0.155 | K0.126 | K0.193 | 6.93% |
| STO | 3,261,616,703 | 72,570,971,642 | K0.506 | K0.414 | K0.559 | K0.443 | 4.50% |
| 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 | 1,144,755,820 | — | — | — | — | — |
| 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: 27-MAY-26 / GOI / Government Treasury Bill
Settlement Date: 29-MAY-26
Amount on Offer: K287.0 million
| TERMS | ISSUE / 182 | ISSUE / 273 | ISSUE / 364 | TOTAL |
|---|---|---|---|---|
| Weighted Average Yield | 5.00% | 5.01% | 4.91% | — |
| Amount on Offer Kina Million | 10.00 | 60.00 | 217.00 | 287.00 |
| Bids Received Kina Million | 76.00 | 297.42 | 439.53 | 812.95 |
| Successful Bids Kina Million | 10.00 | 60.00 | 217.00 | 287.00 |
| Over / (Under) Subscribed | +66.00 | +237.42 | +222.53 | +525.95 |
BPNG GOVERNMENT BOND AUCTION
MOST RECENT AUCTION — NO NEW ISSUANCE WEEK ENDING 29 MAY 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 – THE IPO PROCESS
WHAT IS AN IPO?
An Initial Public Offering (IPO) is the process by which a previously private company first sells shares to the public, becoming a listed company on a stock exchange. It serves two purposes simultaneously: raising capital for the company and providing an exit route for founders, employees and early investors.
Prior to an IPO a company is privately held — owned by founders, VC and PE firms, and a limited number of accredited investors. The IPO transforms it into a publicly traded entity with potentially millions of shareholders, daily price discovery, mandatory disclosures, and significant regulatory obligations.
The full process typically takes six to twelve months and involves careful coordination between the company, its investment bankers (underwriters), lawyers, accountants and securities regulators. The right column below summarises the five key steps.
FIVE STEPS, SIMPLIFIED
- Select an underwriter
The company appoints a lead investment bank — chosen for reputation, distribution reach, research quality and prior relationship — to advise on structure, valuation and pricing. The underwriter signs a Letter of Intent and commits to facilitating the sale. - Due diligence & filings
Lawyers, auditors and underwriters verify the company’s financials and disclosures. A Registration Statement is filed with the regulator, and a preliminary prospectus (the “red herring”) is circulated. Roadshows follow to market the offering to institutional investors. - Pricing & launch
On the eve of listing, the underwriter and company set the final offer price based on order book demand. IPOs are often deliberately priced at a small discount to encourage full subscription. A “good IPO” is generally one that is 2-3x oversubscribed at launch. - Stabilisation & transition
Post-listing, the underwriter may buy shares to stabilise the price in the first few days. After a 25-day “quiet period” the company transitions to normal trading, mandatory ongoing disclosures and analyst coverage. Lock-up restrictions on insider selling typically run 90 to 180 days.
WHAT WE’VE BEEN READING
Same shock, different world: this isn’t the 1970s
Monthly Bell — Bell Potter • Rob Crookston, Strategist
Every time the Middle East tips into open conflict and the oil price jumps, the same comparison gets dusted off: this is the next 1970s. Yet over recent decades the relationship between an oil shock and recession has quietly softened. The composition of modern economies, central bank credibility and structural shifts inside the world’s largest oil importers all argue for resilience rather than recession.
The structural shift is dramatic. Oil intensity — barrels needed per $1,000 of GDP — has more than halved since 1970, from 0.12 to roughly 0.05 tonnes equivalent. Modern economies are dominated by services, software and digital infrastructure rather than energy-intensive heavy industry. The S&P 500 today is full of tech, platforms and chip designers whose margins are far less exposed to oil prices than the energy-intensive industrials of fifty years ago.
JMP read: For PNG, the analysis is broadly constructive. STO’s Pikka project comes online into a global market where oil shocks no longer routinely break growth. Supply diversification (US shale, North Sea, Canadian sands) and strategic reserves mean PNG energy producers face a more predictable demand backdrop than in earlier oil-cycle decades.
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