PNGX Equities • Fixed Income • Investor Education
Heavy BSP trade lifts value to K17.31m as volume eases
JMP Weekly Report | Week ending 24 July 2026
|
Trading Value
K17.31m
+45% on prior week
|
Total Volume
4,730,881
−24% on prior week
|
Stocks Traded
5 of 10
BSP, KSL, NGP, CCP, PLC
|
Market Yield (LTM)
5.50%
−1bp week on week
|
Download PDF >>
Weekly Trade Commentary
A high-value week led by BSP saw turnover jump 45% to K17.31 million even as volume eased 24% to 4.73 million shares, a sign the tape skewed to the heavyweight. BSP alone traded 367,183 shares, up 20 toea to K28.20, for K10.27 million – its biggest single-counter value in weeks. PLC stayed the volume leader at 4,166,698 shares, steady at K1.48, for K6.17 million. KSL traded 140,000 shares steady at K4.74, CCP traded 40,767 shares and rose 1 toea to K4.66, and NGP traded 16,233 shares and rose 1 toea to K1.36. STO, KAM and CPL did not trade.
| Stock | Volume | Close (K) | Value (K) | Change | Change % |
|---|---|---|---|---|---|
| BSP | 367,183 | 28.20 | 10,270,374.00 | +0.20 | +0.71% |
| KSL | 140,000 | 4.74 | 663,600.00 | — | — |
| STO | — | 22.37 | — | — | — |
| NEM | — | 490.00 | — | — | — |
| KAM | — | 2.21 | — | — | — |
| NGP | 16,233 | 1.36 | 22,027.32 | +0.01 | +0.74% |
| CCP | 40,767 | 4.66 | 189,974.22 | +0.01 | +0.22% |
| CPL | — | 0.95 | — | — | — |
| PLC | 4,166,698 | 1.48 | 6,166,713.04 | — | — |
| SST | — | 50.00 | — | — | — |
| TOTAL | 4,730,881 | 17,312,688.58 | +0.11% |
Source: PNGX matched on-market trades, week ending 24 July 2026. JMP Securities analysis.
Dividend Yield
The market-wide trailing-twelve-month dividend yield held at 4.77% this week, weighted by market capitalisation under the legacy methodology, and remained steady week on week. BSP’s yield eased to 6.67% as it rose to K28.20, while NGP slipped to 16.91% and CCP to 5.39% on small upticks. NGP still leads, followed by KAM at 11.31% and CPL at 9.47%. KSL yielded 6.73%, BSP 6.67%, CCP 5.39%, STO 4.48% and SST 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 | 13,178,358,153 | 0.450 | 1.210 | 0.500 | 1.380 | 6.67% |
| KSL | 294,332,296 | 1,395,135,083 | 0.106 | 0.155 | 0.126 | 0.193 | 6.73% |
| STO | 3,261,616,703 | 72,929,749,479 | 0.506 | 0.414 | 0.559 | 0.443 | 4.48% |
| NEM* | 1,097,000,000 | 537,530,000,000 | — | 2.110 | 2.110 | USD $0.520 | 0.86% |
| KAM | 53,259,588 | 117,703,689 | 0.200 | — | 0.250 | — | 11.31% |
| 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 | 195,964,015 | — | — | 0.050 | 0.040 | 9.47% |
| 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 | 5.50% | ||||||
Key Market Announcements
Five filings crossed the tape, led by quarterly results. STO lodged its 2026 Second-Quarter Report, and NEM released a cluster of Q2 2026 disclosures – its Form 8-K earnings release, Form 10-Q, and a notification of dividend distribution. PNGX also issued a public-holiday notice for Remembrance Day.
| Stock | Announcement |
|---|---|
| STO | 2026 Second-Quarter Report |
| NEM | Q2 2026 Earnings Release (Form 8-K) |
| NEM | Q2 2026 Form 10-Q |
| NEM | Notification of dividend distribution |
| PNGX | Public Holiday Notice – Remembrance Day |
Source: PNGX market announcements, 20–24 July 2026.
BPNG Treasury Bill Auction
Auction: 22 July 2026 | Settlement: 24 July 2026 | Amount on offer: K270.0 million
| Terms | 63 days | 91 days | 182 days | 273 days | 364 days | Total |
|---|---|---|---|---|---|---|
| Weighted Average Yield | — | — | 4.85% | 5.04% | 5.03% | — |
| Amount on Offer (K’m) | — | — | 20.00 | 50.00 | 200.00 | 270.00 |
| Bids Received (K’m) | — | — | 4.20 | 34.50 | 198.60 | 237.30 |
| Successful Bids (K’m) | — | — | 4.20 | 34.50 | 166.60 | 207.30 |
| Over / (Under) Subscribed (K’m) | — | — | −15.80 | −15.50 | −1.40 | −32.70 |
BPNG Government Bond Auction
A new Government Bond auction was held on 21 July 2026, with settlement on 24 July 2026. K300.0 million was offered, with bids received totalling K325.00 million and successful bids of K305.00 million, resulting in a net subscription of K25.00 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 | 65.00 | 55.00 | 6.11–6.17% | 6.12% | 6.40% | +15.00 |
| 2026/5058 – 5 yr | 50.00 | 50.00 | 50.00 | 6.43–6.43% | 6.43% | 6.80% | 0.00 |
| 2026/5059 – 7 yr | 50.00 | 60.00 | 50.00 | 6.59–6.59% | 6.59% | 6.90% | +10.00 |
| 2026/5060 – 10 yr | 100.00 | 100.00 | 100.00 | 6.73–6.73% | 6.73% | 7.10% | 0.00 |
| 2026/5061 – 15 yr | 50.00 | 50.00 | 50.00 | 7.13–7.13% | 7.13% | 7.40% | 0.00 |
| TOTAL | 300.00 | 325.00 | 305.00 | +25.00 | |||
Investor Education: Index Funds
An index fund is a pooled investment vehicle designed to replicate the composition and performance of a benchmark index, such as the S&P 500 or ASX 200, rather than trying to beat it through active selection. The manager buys the index’s constituents in roughly the same proportions, usually weighted by market capitalisation, and investors hold a pro-rata claim on the underlying basket.
As the index rebalances through additions, deletions and weight changes, the fund trades to keep tracking error low. Returns therefore closely mirror the index minus a small expense ratio. Turnover is generally low, helping to reduce transaction costs and capital-gains distributions compared with active funds. Traditional index mutual funds price once daily at net asset value, while exchange-traded funds trade throughout the day.
| 01 | Full replication The fund holds every constituent at or near its index weight, which is practical for liquid, large-cap indices. |
| 02 | Sampling or optimisation For indices containing thousands of illiquid securities, the fund holds a representative subset chosen to minimise tracking error. |
| 03 | Market-cap weighting Larger companies receive proportionally larger allocations, with weights self-rebalancing as prices move. |
| 04 | Tracking error versus tracking difference Tracking error measures volatility in the fund-versus-index return gap; tracking difference is the cumulative gap that appears in investor returns. |
Tracking differences are principally driven by fees, cash drag and rebalancing costs. Equal-weighted and factor-weighted variants can provide a different investment tilt, generally in exchange for higher fees and turnover.
What We’ve Been Reading
Featured Read
How central banks can contain financial-stability risks as AI accelerates
IMF Blog • Tobias Adrian, Financial Counsellor
Artificial intelligence is increasingly embedded in how financial firms price risk, allocate credit and respond to stress. The IMF identifies three priorities for central banks and supervisors: stronger oversight of AI-driven trading and lending, better visibility into AI use and correlated exposures, and deeper cooperation on operational resilience and cyber defence.
Under normal conditions, AI can improve liquidity, lower costs, speed price discovery and strengthen fraud detection. Under stress, the same features can amplify market movements as many models react in parallel to a single signal. Reliance on a small number of cloud, data and model providers also creates concentration risk.
JMP read: For a small market such as PNG, the direct AI-trading risk is limited, but the second-order channels matter. Global banks and exchanges connected to PNG rely on the same concentrated cloud and data infrastructure, while AI-enhanced cyber threats are a growing operational risk. Resilience will depend less on any single model than on the governance, oversight and cyber defences surrounding it.
For Further Enquiries
Speak to your equities trader for orders, research questions or market colour.
Benny Takin
Equities Trader – Primary contact, JMP Weekly Report
benny.takin@jmpmarkets.com
+675 7001 9121 / 320 0240
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.