Stock markets in the United States felt the effects of rising oil prices during the trading period July 11-17, as the Standard & Poor’s 500 index fell 32.85 points, or 2.6%, to 1,234.49 and the Dow Jones Industrial Average fell 356.19 points, or 3.2%, to 10.747.36.
Crude oil prices touched record highs, with Brent crude touching US$76.54 per barrel and West Texas intermediate US$77.03 on July 14. Obviously Middle Eastern tensions are driving the crude market, but the effect through the U.S. equity markets was to create an expectation that consumer spending would slow down in response to higher energy prices.
That wider economic slowdown translated into weakness in the base metal stocks. The only large base metal issues to rise were Inco, which rose US$1.79 to US$66.80, and Falconbridge, which was US$2.06 higher at US$54.16, thanks to further moves in the bidding war between Xstrata, Inco, and Phelps Dodge, which was down US$3.41 at US$76.95.
Freeport-McMoRan Copper & Gold led the declining group, with a US$4.77 fall to US$51.57. Southern Copper was off US$7.37, closing at US$86.87, Rio Tinto slid US$13.16 to US$193.88, and Companhia Vale do Rio Doce saw 20 million shares traded as it slumped US$1.70 to US$21.75.
Gold prices were US$26.50 higher at US$652.50 per oz. during the period, but the gold equities slipped; the XAU gold index was off 4.84 points at 140.10 and the Amex Gold Miners fell 34.28 points to 1,017.07.
Newmont Mining was the volume leader among the golds, with 21 million shares changing hands. It fell US$1.68 to US$52.76. AngloGold Ashanti was off US$1.91 to US$46.34 and Minas Buenaventura slid US$1.31 to US$25.14.
One of the few gold producers to make gains was the battered DRDGold, which rose US16 to US$1.52. Australian producer Emperor Mines, in which DRD holds a 79% interest, reported a new mineralized zone at its Tolukuma gold mine in Papua New Guinea. The drill intersections are narrow, but very high grade.
Two mid-tiers also made gains: Bema Gold, which moved to the Big Board from the Amex, was up a nickel at US$5.32, and on the NASDAQ, Randgold Resources rose US40 to US$21.36.
U.S. greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Ungava Minls* | UGVAF | 19 | 0.16 | 0.15 | 0.16 | +60.0 |
| Fischer-W Gld* | FWGO | 444 | 0.105 | 0.065 | 0.095 | +35.7 |
| Aberdene Mine* | ABRM | 225 | 0.60 | 0.45 | 0.57 | +23.9 |
| Crested Corp* | CBAG | 107 | 2.43 | 1.91 | 2.20 | +15.1 |
| Coral Gold* | CGREF | 28 | 3.636 | 3.20 | 3.63 | +14.1 |
| Minera Andes* | MNEAF | 1454 | 1.15 | 0.98 | 1.11 | +13.2 |
| DRDGOLD* | DROOY | 13015 | 1.57 | 1.38 | 1.52 | +11.7 |
| Wealth Minls* | WMLLF | 96 | 1.765 | 1.53 | 1.72 | +10.9 |
| Klondike Star* | KDSM | 1743 | 3.90 | 3.60 | 3.87 | +9.0 |
| Uranerz Engy* | URNZ | 1331 | 3.25 | 2.34 | 2.42 | +9.0 |
| IMA Expl* | IMR | 731 | 3.08 | 0.51 | 0.60 | -80.4 |
| Commerce Grp* | CGCO | 164 | 0.12 | 0.053 | 0.053 | -55.8 |
| Newgold* | NGLD | 333 | 0.43 | 0.33 | 0.33 | -25.0 |
| Goldfield* | GV | 521 | 1.54 | 1.26 | 1.27 | -19.1 |
| Colombia Gldf* | CGDF | 210 | 1.17 | 0.93 | 0.95 | -18.1 |
| Northw Min Vt* | NWTMF | 781 | 0.56 | 0.43 | 0.431 | -17.1 |
| Douglas Lk Ml* | DLKM | 51 | 1.45 | 1.21 | 1.21 | -16.5 |
| Silverado* | SLGLF | 10180 | 0.082 | 0.065 | 0.069 | -14.8 |
| Arch Coal* | ACI | 11724 | 41.11 | 35.30 | 35.46 | -13.5 |
| World Vent* | WVNTF | 21 | 0.19 | 0.165 | 0.165 | -13.1 |
U.S. greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Falconbridge* | FAL | 1066200 | 54.16 | +2.06 |
| StreetTr Gold* | GLD | 10664500 | 63.95 | +1.93 |
| Central Gld-T* | CLGLF | 10140 | 24.99 | +1.86 |
| Inco Ltd* | N | 7209900 | 66.80 | +1.79 |
| Central Fund* | CEF | 1107400 | 9.21 | +0.56 |
| Coral Gold* | CGREF | 27548 | 3.63 | +0.45 |
| Banro Res* | BAA | 132900 | 9.96 | +0.41 |
| Randgold Res* | GOLD | 1471063 | 21.36 | +0.40 |
| Klondike Star* | KDSM | 1743045 | 3.87 | +0.32 |
| Crested Corp* | CBAG | 107270 | 2.20 | +0.29 |
| Rio Tinto* | RTP | 1909700 | 193.88 | -13.16 |
| Southern Peru* | PCU | 4581300 | 86.87 | -7.37 |
| Soc Quim&M Ch* | SQM | 86500 | 96.72 | -6.13 |
| Peabody Enrgy* | BTU | 13164500 | 51.61 | -6.11 |
| Arch Coal* | ACI | 11724300 | 35.46 | -5.57 |
| Foundatn Coal* | FCL | 3058300 | 40.42 | -5.06 |
| Freeport McMo* | FCX | 15403700 | 51.57 | -4.77 |
| Alcan* | AL | 5807400 | 43.24 | -4.75 |
| Phelps Dodge* | PD | 19497100 | 76.95 | -3.42 |
| Alcoa* | AA | 29053800 | 30.22 | -3.19 |
U.S. most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| AuGrid* | AUGC | 183864 | 0.00 | 1.0E8 | 0.00 | 0.00 |
| Goldspring* | GSPG | 40304 | 0.011 | 0.009 | 0.01 | -0.001 |
| Alcoa* | AA | 29054 | 32.60 | 30.07 | 30.22 | -3.19 |
| Newmont Mng* | NEM | 21176 | 56.48 | 52.52 | 52.76 | -1.68 |
| CVRD* | RIO | 20402 | 23.72 | 21.56 | 21.75 | -1.70 |
| Phelps Dodge* | PD | 19497 | 83.17 | 76.35 | 76.95 | -3.42 |
| Freeport McMo* | FCX | 15404 | 57.88 | 50.84 | 51.57 | -4.77 |
| Barrick Gold* | ABX | 15088 | 31.00 | 29.22 | 29.47 | -0.60 |
| Goldcorp* | GG | 14362 | 31.38 | 28.42 | 28.42 | -1.58 |
| Peabody Enrgy* | BTU | 13165 | 58.50 | 51.24 | 51.61 | -6.11 |
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