Despite continued fears that a rescue package for Greece will not prevent the sovereign debt crisis from spreading, U.S. equity markets showed signs of life during the April 21-May 3 reporting period, with the Dow Jones industrial average climbing 159.84 points or 1.45% to finish at 11,151.83, while the S&P 500 index rose 18.55 points or 1.57% to 1,202.26.
With the New York spot price for gold moving from US$1,168.40 per oz. to US$1,182.30 per oz., the Philadelphia Gold and Silver index advanced 4.68 points or 2.72% to 176.57 points. All five of the top value gains were gold companies. Seabridge Gold jumped US$4.30 per share on no news. The company is spending $17.5 million this year at its KSM project near Stewart, B.C. KSM has reserves of 1.6 billion tonnes grading 0.59 gram gold per tonne for contained gold of 30.2 million oz. Barrick Gold jumped US$2.36 to US$42.82 in the wake of strong quarterly results. First quarter net income increased by 149% to US$741 million (US$0.75 per share), higher than the US$298 million (US$0.34 per share) it achieved in the same quarter of 2009. Operating cash flow more than tripled to US$1.05 billion from US$349 million.
On the negative side of the ledger, however, concerns about a proposed 40% tax on the profits of mining companies in Australia sent Rio Tinto shares crashing 33.8% or US$24.47 apiece to close at US$47.92 per share. BHP Billiton shares tumbled US$6.87 to US$71.44.
Vale shares fell US$2.22 to US$30.10, despite news the Brazilian iron ore producer has inked a deal with BSG Resources to develop what it claims will be one of the world’s largest iron ore projects in Guinea. Vale has acquired 51% of BSGR Guinea for US$2.5 billion and will assume management control of the Zogota and Simandou project. Vale believes it can build a low-cost iron producer of 50 million tonnes per year with the potential to ramp up to 75-90 million tonnes. As part of the deal, it must rebuild sections of the trans-Guinea railway.
Cliffs Natural Resources also dropped US$14.05 to US$58.95 per share, despite strong financial results. Cliffs reported consolidated revenues in the seasonally slow first quarter of US$727.7 million, up 57% from US$464.8 million in the same quarter last year.
| U.S. most active issues | |||||
| VOLUME | WEEK | ||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 181808 | 13.98 | 12.97 | 13.15 | -0.90 |
| Freeport McMo*FCX | 76024 | 79.20 | 72.02 | 73.74 | -6.66 |
| Barrick Gold* ABX | 68514 | 44.37 | 39.79 | 42.82 | + 2.36 |
| Hecla Mining* HL | 65681 | 6.13 | 5.75 | 5.92 | + 0.03 |
| Goldcorp* GG | 54757 | 44.09 | 40.15 | 42.70 | + 2.07 |
| Massey Energy* MEE | 50663 | 43.18 | 36.21 | 37.49 | -6.12 |
| Cliffs Nat Rs* CLF | 49878 | 72.24 | 58.66 | 58.95 | -14.05 |
| Newmont Mng* NEM | 47178 | 57.05 | 52.13 | 54.93 | + 1.74 |
| Kinross Gold* KGC | 36960 | 19.47 | 17.89 | 18.70 | + 0.57 |
| Vale* VALE | 36476 | 31.92 | 29.67 | 30.10 | -2.22 |
| U.S. greatest percentage change | |||||
| VOLUME | WEEK | ||||
| (000s) HIGH | LOW | CLOSE | CHANGE | ||
| Golden Phoen* | GPXM | 2402 0.06 | 0.05 | 0.06 | + 20.0 |
| General Moly* | GMO | 8658 4.36 | 3.35 | 4.30 | + 18.7 |
| Goldfield* | GV | 983 0.46 | 0.39 | 0.45 | + 15.3 |
| NovaGold Res* | NG | 18967 9.18 | 7.61 | 8.99 | + 15.2 |
| Seabridge Gld* | SA | 3398 33.94 | 28.70 | 33.34 | + 14.8 |
| Grandview Gld* | GVGDF | 69 0.10 | 0.08 | 0.08 | + 14.2 |
| US Gold* | UXG | 628 3.65 | 3.16 | 3.63 | + 13.7 |
| Allied Nevada* | ANV | 628 19.67 | 16.54 | 19.03 | + 13.2 |
| Quaterra Res* | QMM | 169 1.90 | 1.63 | 1.90 | + 11.7 |
| America West* | AWSR | 1207 0.16 | 0.09 | 0.10 | + 11.1 |
| Rio Tinto* | RTP | 17788228.23 | 47.10 | 47.92 | -33.8 |
| Metalline Mng* | MMG | 302 1.15 | 0.85 | 0.90 | -22.4 |
| Global Gold* | GBGD | 404 0.14 | 0.02 | 0.14 | -22.2 |
| Cliffs Nat Rs* | CLF | 49878 72.24 | 58.66 | 58.95 | -19.2 |
| Tombstone Exp* | TMBXF | 935 0.13 | 0.09 | 0.10 | -16.6 |
| Constittn Mng* | CMIN | 1246 1.05 | 0.85 | 0.85 | -16.6 |
| Madison Minls* | MMRSF | 59 0.12 | 0.08 | 0.10 | -16.6 |
| Patriot Coal* | PCX | 6282 23.20 | 19.10 | 19.72 | -15.5 |
| Mesabi Trust* | MSB | 736 22.88 | 18.92 | 19.50 | -14.4 |
| Linux Gold* | LNXGF | 601 0.06 | 0.05 | 0.06 | -14.2 |
| U.S. greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Seabridge Gld* | SA | 3398073 | 33.34 | + 4.30 |
| Royal Gold* | RGLD | 2817886 | 50.93 | + 2.58 |
| Barrick Gold* | ABX | 68514209 | 42.82 | + 2.36 |
| Randgold Res* | GOLD | 4904390 | 83.10 | + 2.34 |
| Allied Nevada* | ANV | 628400 | 19.03 | + 2.22 |
| Yanzhou Coal* | YZC | 2527950 | 26.66 | + 2.09 |
| Goldcorp* | GG | 54756912 | 42.70 | + 2.07 |
| Silver Wheatn* | SLW | 35136239 | 19.81 | + 1.77 |
| Newmont Mng* | NEM | 47178249 | 54.93 | + 1.74 |
| AngloGold Ash* | AU | 10788368 | 41.99 | + 1.73 |
| Rio Tinto* | RTP | 17787878 | 47.92 | -24.47 |
| Cliffs Nat Rs* | CLF | 49877706 | 58.95 | -14.05 |
| BHP Billi-BHP* | BHP | 31489772 | 71.44 | -6.87 |
| BHP Billi-BBL* | BBL | 15849449 | 59.38 | -6.85 |
| Freeport McMo* | FCX | 76023788 | 73.74 | -6.66 |
| Massey Energy* | MEE | 50663101 | 37.49 | -6.12 |
| Alpha Nat Res* | ANR | 21943617 | 46.26 | -5.95 |
| Teck B* | TCK | 28281908 | 38.41 | -4.64 |
| Peabody Enrgy* | BTU | 33982883 | 45.88 | -3.89 |
| Patriot Coal* | PCX | 6281700 | 19.72 | -3.62 |
Be the first to comment on "U.S. MARKETS APRIL 27-MAY 3"