By BRIAN GOMEZ in Sydney
LIHIR Gold has leaped to its highest position on the Australian Stock Exchange even though its A$3.94 closing price last Friday was significantly below its recent A$4.45 peak prior to the downgrading of last year’s production estimate.
With the market hitting a five-month low due to concerns the US could be heading for a recession, Lihir moved up from 46th largest company on the ASX to the 38th position when the market closed last week.
Lihir had gained A$0.08 during the week and was A$0.03 up last Friday.
Its latest share price gave it a market capitalisation of A$7.5 billion (K19.9 billion) compared with more than A$8 billion (K21.2 billion) when it first entered the ranks of the top 50 companies on the ASX.
Oil Search, which had a much more beneficial impact on the country’s economy through the payment of taxes and dividends, shed A$0.18 last Friday to take the week’s loss to A$0.33, to close at A$4.73.
Oil Search shares remained close to its record high of A$5.10 and its latest market capitalisation of A$5.3 billion (K14 billion) was enough to push its up by two spots the 62nd largest company on the ASX.
Among other PNG stocks, Allied Gold gained A$0.035 to A$0.92 last Friday.
The company has just announced the appointment of Richard Johnson, a former director of DRGGold Australasia, as its chief executive.
Frontier Resources also gained A$0.05 to A$0.13 but Highlands Pacific shed A$0.05 to A$0.135 while Emperor Mining shed A$0.01 to A$0.07.