U.S. Markets August 8-14

U.S. markets showed some signs of upward momentum as fears eased over inflation and whether the Federal Reserve’s pause in interest rate hikes would be short-lived. Investors seem more confident that companies will continue to generate profits even if the economy slows (led by weaker housing markets and consumer spending), as long as rate hikes are kept in check. Even so, the summer doldrums kept trading at modest levels, with the Standard & Poor’s 500 Index shedding 7.56 points to close at 1,268.21 over the report period Aug. 8-14.

Penny-stock juniors topped the most-active list once again, with four companies accounting for most of the action — if losing or gaining a fraction of a cent can be described as such.

Among the seniors, Brazil’s Companhia Vale do Rio Doce (CVRD) was the most active issue on news of its bold multi-billion-dollar bid for Canadian nickel giant Inco. CVRD was down US$1.64 to settle at US$22.01.

Rival Phelps Dodge, which is also making a high-profile bid for Inco, went the other way and gained US$2.59 to close at US$89.34.

Smaller companies also topped the list of largest percentage movers, with Konigsberg up 37.2% to US70. The OTC Bulletin Board-listed junior has secured rights to earn up to a 75% interest in the Yoquivo gold-silver project in Chihuahua state, Mexico. The project has a history of limited past production from 1867 to 1926.

Equitable Mining posted a 33% gain from a fraction of a cent to just over a penny. The company is exploring the Bonanza gold property in the Red Lake camp of Ontario, and also inked a deal to acquire an interest in the Dalian (gold and platinum group metals) mine tailings project in China.

The largest value gainers were a mixed bag of potash, copper, diamond and coal producers, with Potash Corp. of Saskatchewan topping the list. The fertilizer giant posted a gain of US$3.68 to reach US$96.27.

Aber Diamond was ahead US$1.30 to US$35.79. Once a junior scouring the North for kimberlite pipes, Aber is now an established diamond producer thanks to its 40% stake in the Diavik mine north of Yellowknife, N.W.T. The company earned $23.9 million in its first quarter of this year and should have robust earnings for quarters to come.

Diversified miner Rio Tinto was down US$7.49 to US$203.41 over the trading session, taking a breather from an enormous run-up over the past year.

Alcoa also took a breather, shedding US$1.47 to close at US$27.93. Most coal companies came under downward pressure as well, with Peabody Energy leading the charge, off US$4.83 at US$44.42.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Konigsberg*	KGBC	16	0.70	0.53	0.70	+37.2
Equitable Mng*	EQBM	26866	0.015	0.006	0.012	+33.3
Shoshone Silv*	SHSH	96	0.24	0.18	0.23	+15.0
Brookmount Ex*	BMXI	149	0.09	0.065	0.08	+14.2
World Vent*	WVNTF	39	0.17	0.15	0.17	+13.3
Caledonia Mng*	CALVF	1743	0.129	0.113	0.12	+7.1
Coral Gold*	CGREF	22	3.90	3.51	3.51	+6.0
Uranerz Energ*	URZ	54	2.70	2.30	2.55	+5.8
Newgold*	NGLD	499	0.40	0.34	0.38	+5.5
Vista Gold*	VGZ	804	11.95	10.60	11.02	+5.4
Stillwater Mg*	SWC	3448	11.25	8.71	8.75	-25.8
Crested Corp*	CBAG	22	1.92	1.45	1.45	-24.0
Taseko Mines*	TGB	3836	2.88	2.19	2.19	-21.5
Puda Coal*	PUDC	237	3.30	2.50	2.75	-16.6
Pine Valley M*	PVMCF	172	0.959	0.80	0.80	-16.6
Douglas Lk Ml*	DLKM	37	1.08	0.90	0.90	-16.6
Birch Mountn*	BMD	766	4.83	3.87	3.92	-16.6
Cumberland Rs*	CLG	262	4.89	4.00	4.05	-14.5
North Am Pall*	PAL	311	7.78	6.49	6.52	-14.3
Apolo Gold*	APLL	378	0.11	0.09	0.09	-14.2

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
Potash C Sask*	POT	2512600	96.27	+3.68
Phelps Dodge*	PD	18692200	89.34	+2.59
Aber Diamond*	ABER	131332	35.79	+1.30
Soc Quim&M Ch*	SQM	175700	106.35	+1.23
Vista Gold*	VGZ	804300	11.02	+0.57
Yanzhou Coal*	YZC	99500	37.41	+0.35
Coral Gold*	CGREF	21800	3.51	+0.20
Konigsberg*	KGBC	15500	0.70	+0.19
Uranerz Energ*	URZ	54400	2.55	+0.14
Fording C C T*	FDG	1704000	29.65	+0.14
Rio Tinto*	RTP	1368100	203.41	-7.49
Peabody Enrgy*	BTU	12496900	44.42	-4.83
Southern Peru*	PCU	3623300	87.75	-4.21
Arch Coal*	ACI	8811700	34.17	-3.75
Lihir Gold*	LIHRY	115017	42.55	-3.74
Stillwater Mg*	SWC	3448100	8.75	-3.05
ASA (Bermuda)*	ASA	229500	60.98	-3.05
Freeport McMo*	FCX	9983700	53.11	-2.89
Cleveland-Cli*	CLF	3525000	33.77	-2.87
CONSOL Energy*	CNX	7447300	37.24	-2.66

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
UNICO Inc*	UNCN	135552	0.001	0.001	0.001	0.00
AuGrid*	AUGC	113478	0.00	1.0E8	0.00	0.00
Goldspring*	GSPG	32610	0.01	0.009	0.009	-0.001
Equitable Mng*	EQBM	26866	0.015	0.006	0.012	+0.003
CVRD*	RIO	25891	23.84	21.91	22.01	-1.64
Phelps Dodge*	PD	18692	93.15	83.43	89.34	+2.59
Newmont Mng*	NEM	18279	53.82	50.65	50.85	-1.75
Alcoa*	AA	17471	29.69	27.64	27.93	-1.47
Barrick Gold*	ABX	13664	32.99	30.47	30.51	-1.66
Goldcorp*	GG	13015	31.59	28.80	28.85	-1.35