Wednesday, May 09, 2012

Botten: Oil Shares stock suffer


Oil Search managing director Peter Botten admitted yesterday (Tuesday) that his company’s stocks had suffered on Monday as shares slumped on the Australian Stock Exchange, The National reports.
The good news is that Oil Share shares quickly rebounded from Monday.
Botten said that was a worldwide phenomenon, because of events in the US and Europe, that had made investors quite nervous.
“Unfortunately, when Europe sneezes, we catch the cold,” he said after the Oil Search annual general meeting at the Crowne Plaza in Port Moresby.
Botten addressing yesterday’s Oil Search annual general meeting at the Crowne Plaza in Port Moresby.-Nationalpic by MALUM NALU

“The only positive thing is that we didn’t go down that much.”
Australian shares traded deep in the red on Monday on the back of disappointing US jobs growth and European election results.
Even the local Port Moresby Stock Exchange (POMSOX) was not exempt as the nine dual-listed stocks – on both Australian Stock Exchange (ASX) and POMSOX - and all were in the red on the day.
The nine dual-listed stocks are Cue Resources, Coppermoly, Newcrest Mining, Oil Search, Highlands Pacific, New Guinea Energy, Steamships Trading, Marengo Mining, and Kina Petroleum.
Newcrest Mining and Oil Search showed the largest falls, Newcrest down 1.2% and Oil Search down 2.4% in Australian trading.
POMSOX general manager Geoff Mason said yesterday the movements of Monday did not follow through overnight with the US market down 29 points, which was much better than expected and most European markets closing up from last Friday’s falls.
“The Australian market is up just prior to the close so all in all, a better day then yesterday (Monday),” he said.
“Of the nine dual-listed stocks, there is little change on how they closed yesterday (Monday) except for Oil Search, which is up on the day, however, NCM is currently down 11 cents.”

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