U.S. markets, May 27-31

U.S. markets were closed for the Memorial Day holiday on May 27, and when trading resumed equities were volatile for the rest of the week, rising one day only to fall the next on mixed news. Markets initially rose on Tuesday after Japanese and European central banks reassured investors that they would keep accommodative monetary polices in place, while domestic reports in the U.S. showed that consumer confidence in May was the strongest it’s been in five years, and home prices rose in March at a pace unseen in seven years. On Thursday, the U.S. Commerce Department reported that gross domestic product growth in the first quarter grew at a rate of 2.4% — down a tenth of a point from an initial estimate — and below analyst forecasts of 2.5%. On Friday data showed that manufacturing rose more than expected in May. For the week the Dow Jones Industrial Average fell 1.23% to 15,115.57, and the S&P 500 Index dropped 1.14% to 1,630.74.  

Barrick Gold was the most actively traded stock with 84.3 million shares changing hands, climbing US$2.16 to US$21.12 per share. The gold miner has not released any news since its May 24 announcement that it was being fined US$16 million by Chile’s environmental regulator for violating its environmental permit at Pascua-Lama. Barrick must also complete a water-management system in accordance with the environmental permit before it can resume construction. Work was halted on the Chilean side of the project in April after local groups filed complaints over alleged groundwater contamination.

Shares of Newmont Mining advanced US$2.31 to US$34.28 despite ongoing troubles at its Conga project in Peru. The large copper porphyry deposit, which also contains gold, is 24 km northeast of Newmont’s Yanacocha gold mine, a joint venture with Buenaventura. Newmont reported that a group of anti-mining activists invaded the Conga property and attacked police who were there to protect local contract workers and their equipment. Newmont said it suspended construction of the mine and announced a slower development approach in mid-2012 that focuses on building reservoirs for downstream users.

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