Energy and commodity producers held steady on U.S. markets even as some high-end retailers and high-tech manufacturers were battered by the wake of Hurricane Katrina. Investors seem to be betting that basic commodities are going to fare better than retail goods in the coming months as rebuilding efforts continue across the American South.
At presstime, the broad-based S&P 500 Index had lost some of the 22 points it had gained over the trading session ended Sept. 12, with retailers being the biggest drag.
At the close of trading on Sept. 8 (data for Sept. 9 and 12 were unavailable at presstime), energy stocks were the main beneficiaries of investor attention. The most active trader was aluminum producer Alcoa, but once again its shares lost ground, this time off US50 at US$26.42.
Gold producers posted modest gains for the most part, led by Newmont Mining, the most active gold stock on U.S. markets again this session. The company’s shares inched up US29 at US$41.00. Barrick Gold was ahead US33 at US$27.69.
Copper companies didn’t fare as well, with Phelps Dodge shedding US$2.89 to close at US$107.99 over the short trading session. Freeport McMoRan Copper & Gold was shored up by its gold production and therefore only posted a loss of US7 to close at US$42.90.
Diversified miners Rio Tinto and BHP Billiton both took a hit after weeks and months of strong gains. Rio Tinto shed US$3.55 at US$143.33, while BHP Billiton lost US69 at US$31.12.
Diamond producer Aber Diamond also lost ground, off US49 at US$34.66, under pressure along with many other producers of luxury goods. Fording Canadian Coal Trust on the other hand, added another US$1.27 to its recent gains to close at US$125.47, coal being a commodity not under pressure at the moment.
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