The U.S. Commerce Department revised its second-quarter gross domestic product growth figure from 2.4% to 1.6% just hours before U.S. Federal Reserve Chairman Ben Bernanke said that the economic recovery had softened more than expected. In a speech on Aug. 27, Bernanke said the Fed would take additional steps if necessary to help theeconomy. The prospect of further quantitative easing seemed to reassure U.S. equity investors. For the week of Aug. 23-27, the Dow Jones industrial average slipped 62.97 points or 0.62% to finish at 10,150.65, while the S&P 500 index lost 7.1 points or 0.67% to close at 1,064.59.
Persistent economic uncertainty is continuing to support gold’s safe-haven appeal. The New York spot price for gold rose 0.82% to US$1,238.10 per oz. on Aug. 27, keeping gold in positive territory for the fourth week in a row. The Philadelphia Gold and Silver index advanced 6.01 points or 3.37% to 184.14.
Buenaventura, Peru’s largest publicly traded precious metals company, topped the list of value gains with an advance of US$2.54 to US$40.47 per share, despite a fall in second-quarter net income to US$110.9 million, down 17% from US$134.4 million in the same quarter of 2009. Goldcorp claimed the No. 2 spot, gaining US$2.45 to US$44.34, while Seabridge Gold rose US$1.99 to US$30.35. Seabridge announced in mid-August that new metallurgical test-work has confirmed that a higher-grade copper concentrate can be produced at its 100%-owned KSM project, near Stewart, B.C. Altogether the improvements are estimated to cut the prefeasibility base case average annual operating costs by US$12.8 million (about US$20 per oz. gold produced) or about US$465 million over the nearly 37-year projected mine life. Newmont Mining, meanwhile, climbed US$1.93 to US$59.95, Agnico-Eagle Mines added US$1.92 to US$65.10, and Barrick Gold edged up US$1.84 to US$46.50.
Energy stocks, by contrast, generally headed south. Alpha Natural Resources lost US$4.50 per share to close the week at US$36.19, while Massey Energy fell US$3.11 to US$28.95. Peabody Energy slid US$1.74 to US$43.18 and Arch Coal lost US$1.48 to close at US$22.63.
U.S. most active issues | ||||
VOLUME | WEEK | |||
(000s) HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 104375 10.69 | 9.92 | 10.32 | -0.25 |
Freeport McMo* FCX | 58793 72.15 | 65.71 | 71.20 | -0.17 |
Potash C Sask* POT | 52438 153.29 | 144.50 | 147.73 | -1.94 |
Mosaic* MOS | 37204 59.88 | 54.41 | 58.27 | + 1.63 |
Barrick Gold* ABX | 36570 46.54 | 42.80 | 46.50 | + 1.84 |
Hecla Mining* HL | 33888 5.49 | 4.75 | 5.49 | + 0.54 |
Kinross Gold* KGC | 32822 16.47 | 14.84 | 16.47 | + 1.04 |
Newmont Mng* NEM | 30020 60.00 | 55.81 | 59.95 | + 1.93 |
Silverado* SLGLF | 27201 0.00 | 1.0E8 | 0.00 | 0.00 |
Goldcorp* GG | 27019 44.46 | 40.08 | 44.34 | + 2.45 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Apolo Gold* | APLL | 57 | 0.02 | 0.01 | 0.02 | + 100.0 |
America West* | AWSR | 55 | 0.10 | 0.07 | 0.10 | + 42.8 |
Radius Gold* | RDUFF | 429 | 0.56 | 0.39 | 0.54 | + 38.4 |
Oromin Expl* | OLEPF | 612 | 1.17 | 0.83 | 1.17 | + 37.6 |
Grandview Gld* | GVGDF | 10 | 0.07 | 0.05 | 0.05 | + 25.0 |
Samex Mng* | SMXMF | 335 | 0.29 | 0.22 | 0.29 | + 20.8 |
Alexco Res* | AXU | 2046 | 4.26 | 3.34 | 4.13 | + 20.4 |
Augusta Res* | AZC | 248 | 2.45 | 1.99 | 2.41 | + 18.7 |
SinoCoking Cl* | SCOK | 2305 | 16.00 | 13.00 | 14.62 | + 18.5 |
Crosshair E&M* | CXZ | 365 | 0.15 | 0.12 | 0.14 | + 16.6 |
Commerce Grp* | CGCO | 39 | 0.05 | 0.02 | 0.02 | -33.3 |
National Coal* | NCOC | 109 | 0.85 | 0.60 | 0.64 | -25.5 |
El Capitan Pr* | ECPN | 929 | 0.56 | 0.37 | 0.45 | -19.6 |
Cream Mnrls* | CRMXF | 165 | 0.06 | 0.05 | 0.05 | -16.6 |
Linux Gold* | LNXGF | 138 | 0.05 | 0.04 | 0.05 | -16.6 |
Dejour Enterp* | DEJ | 110 | 0.38 | 0.30 | 0.31 | -13.8 |
Tri-Valley* | TIV | 346 | 0.74 | 0.58 | 0.64 | -11.1 |
Alpha Nat Res* | ANR | 13267 | 41.21 | 34.53 | 36.19 | -11.0 |
Bullion Monar* | BULM | 248 | 0.65 | 0.57 | 0.58 | -10.7 |
Strata O&G* | SOIGF | 406 | 0.22 | 0.15 | 0.17 | -10.5 |
U.S. greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Buenaventura* | BVN | 5379292 | 40.47 | + 2.54 |
Goldcorp* | GG | 27018505 | 44.34 | + 2.45 |
SinoCoking Cl* | SCOK | 2304680 | 14.62 | + 2.29 |
Seabridge Gld* | SA | 1488469 | 30.35 | + 1.99 |
Newmont Mng* | NEM | 30019759 | 59.95 | + 1.93 |
Agnico-Eagle* | AEM | 11103980 | 65.10 | + 1.92 |
Barrick Gold* | ABX | 36569906 | 46.50 | + 1.84 |
Randgold Res* | GOLD | 2650374 | 92.45 | + 1.82 |
Silver Wheatn* | SLW | 26685046 | 22.80 | + 1.77 |
AllianceRsP* | ARLP | 574954 | 55.22 | + 1.72 |
Alpha Nat Res* | ANR | 13266717 | 36.19 | -4.50 |
Massey Energy* | MEE | 19629048 | 28.95 | -3.11 |
Potash C Sask* | POT | 52437905 | 147.73 | -1.94 |
Peabody En rgy* |
BTU | 23199797 | 43.18 | -1.74 |
Arch Coal* | ACI | 21953037 | 22.63 | -1.48 |
Consol Energy* | CNX | 19440350 | 32.78 | -1.33 |
AngloGold Ash* | AU | 9718610 | 42.68 | -1.17 |
AlumCpChina* | ACH | 653100 | 19.99 | -1.12 |
Cliffs Nat Rs* | CLF | 21262074 | 60.22 | -1.06 |
Vale* | VALE | 24167400 | 27.16 | -1.00 |
Be the first to comment on "U.S. MARKETS -August 23-27"