NBPOL shares post huge gains on LSE

By ANTON HUAFOLO
NEW Britain Palm Oil Ltd’s stock continued to gain significant grounds over the last two days on the London Stock Exchange.
NBPOL’s share price had increased by 22 pence on the close of the market, up 4.13%, and settling at 5.55 pounds (K39.97) on Wednesday, closing on 5.50 pounds (K31.68) with bids at 5.50 pounds and offers at 5.60 pounds.
Another significant increase was recorded at yesterday’s close, where NBPOL shares gained 25 pence, up 4.5%, to level at 580 pence.
NBPOL’s last trade yesterday was 5.75 pounds (K33.12) with bids at 5.70 pounds and offers at 5.80 pounds.
There were no significant announcements regarding NBPOL on the LSE that would have contributed to the increases.
“The main reason would be thanks to the strong price for palm oil,” BSP Capital chief executive officer Guy Bower said when asked to comment on the increases.
“Crude oil (price) has been strong and when crude (price) is strong, alternative fuels and related products (prices) are also strong.
“This is been a key driver for the price of bio-fuel products in the recent years,” he said.
“Another reason for the price gains is the overall market itself.
“The UK market rallied 1.5% last Tuesday night (Wednesday PNG EST) and hit its highest closing level in six weeks,” he added.
On the Port Moresby Stock Exchange (POMSoX), NBPOL gained K6 to close higher at K26 last Wednesday, a 3% increase. However, NBPOL stocks remained unchanged yesterday with nil trades recorded.