Stronger than expected manufacturing data and a slight drop in oil and gas prices helped U.S. markets continue a shallow uptrend over the report period Sept. 27-Oct. 3. The broad-based S&P 500 Index got an 11-point boost to close at 1,226.70 over the session.
The most active stock was Newmont Mining, which posted a modest gain of US38 to close at US$47.06. The unhedged company remains a favourite with gold bugs, and has charted a steadier course than some of its peers. African-oriented gold producers didn’t fare as well, with AngloGold Ashanti down US$1.50 at US$42, and Randgold Resources off US59 at US$15.71.
Despite gold’s strong performance of late, the biggest value gainers over the session were energy, coal and copper producers.
Copper giant Phelps Dodge continued last week’s uptrend and gained another US$4.80 to close at US$129.70. Southern Peru Copper also continued to gain ground, this time up US$2.65 at US$55.74.
Even diversified miner Rio Tinto took a back seat to the pure-copper plays, posting a modest gain of US$1.69 to close at US$163.77.
Aluminum producer Alcoa has been shedding nickels and dimes for much of the late summer, and continued that trend over the trading session. This time, the company’s shares slipped US33 to US$23.87.
Silver companies lost ground this session too, with Coeur d’Alene off a few pennies at US$4.26, and Apex Silver down US84 at US$15.01.
Coal companies continued to show strength, including Fording Canadian Coal Trust, which gained US$1.52 to close at US$42.23. Potash Corporation of Saskatchewan went the other way, and shed a whopping US$6.62 to settle at US$90.65.
World Ventures was the biggest percentage gainer, almost doubling in price to US28 on the OTC’s Bulletin Board — even though there’s been little news since Starfire Minerals dropped its option to earn 50% of the company’s Triton gold project in MacMurchy Twp., Ont. Ray Carson and Stewart Jackon head up World Ventures, which also holds rights to the Lapon Canyon gold project near Reno, Nev.
Be the first to comment on "U.S. markets continue shallow uptrend"