Stock trading during the holiday-shortened report period ending Dec. 28 was overshadowed by the impact of massive devastation along the coast of the Indian Ocean, caused by an earthquake-induced series of tsunamis. The death toll is being measured in the tens of thousands.
As South Asian currencies tanked in reaction, the U.S. dollar showed some strength, as did U.S. equities: The Dow Jones Industrial index surged 95.11 points to 10,854.54, while the S&P 500 index closed up 8.09 points to 1,213.54.
One of the biggest value movers was Yanzhou Coal, China’s largest coal exporter, which sank US$3.53 to US$71.87, erasing US$200 million off its market cap. Yanzhou surprised investors by revealing it had made an odd 640-million yuan (US$77 million), 1-month loan to little-known Shandong Xinjia Industry through a Shandong branch of the Bank of China.
Another coal miner on the downbeat was Westmoreland Coal, which slipped US$1.79 to US$29.11. In early December, Westmoreland reported that its plan to acquire the 50% interest it didn’t already own in the Roanoke Valley power project was in doubt, owing to an assertion by power customer Dominion Virginia Power of its own right of first refusal with respect to that interest.
Among the juniors, Las Vegas-based Aberdene Mines rose US3, to US41, touching US55 along the way on good trading volume. At its New York Canyon copper-moly project in Nevada’s Mineral Cty, Aberdene is redrilling an area last explored by Continental Oil Co. (Conoco), whose field crew returned drill intersections such as 1,020 ft. grading 0.41% copper and 0.012% molybdenum.
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