THERE was buying frenzy at the Port Moresby Stock Exchange heading into the Easter holidays, with Lihir Gold shares the star attraction on news of a takeover bid by giant Australian miner Newcrest Mining Ltd.
The local bourse reaped in a big 5.65%, or 347.54 points to close at 6,494.34 points, almost a two-month high since early last February.
Kina Securities said the surge was entirely attributed to the K0.80 gain by PNG’s largest public-listed mining company in capitalisation, Lihir Gold Ltd.
The price followed an almost 33% jump on the Australian Stock Exchange after news report that Newcrest mining Ltd had offered to acquire 100% of LGL’s issued ordinary shares through a scheme of arrangement.
The reports also stated that LGL had rejected the offer.
The news had turned on the frenzy buying by the ASX investors who may want to speculate on the possible sweetening offer in future.
All of the available shares offered on the POMSoX were taken out when the market opened.
The company also announced it had appointed the former BHP senior executive Graeme Hunt as managing director and chief executive officer.
On other stocks, Oil Search also gained, adding 50 toea to close at K13.70.
In contrast, the home index (KSHi) lost.
It gave away 68.16 points or 0.86% to end at 7,903.73. One of the components, New Britain Oil, lost A$0.45 to close at K19.05.
The trading volume recorded was 2,744 shares with the value of K29,765.00. Other stocks remained unchanged.