Data showing that the economy grew better than expected in the fourth quarter, combined with a weaker greenback, which boosts the shares of exporters and makes dollar-priced metals less expensive for non-U. S. investors, helped buoy U.S. equities during the Feb. 23-March 1 trading period. The U.S. government reported the economy grew at a 5.9% annual pace in the fourth quarter. The Dow Jones industrial average ended higher, up 156.67 points or 1.5% to 10,439.08, while the S&P 500 index edged up 21.11 points or 1.9% to close at 1,115.71.
The price of gold moved from its New York close of US$1,103.50 per oz. on Feb. 23 to US$1,118.00 per oz. on March 1, and with it the Philadelphia Gold & Silver index, which climbed 7.65 points or 4.9% to 164.11. However, gold stocks were eclipsed by base metals and energy stocks on the performance front, with the notable exception of Newmont Mining, which clocked the second-largest value gain, rising US$2.55 per share to close at US$50.28. Randgold Resources and Royal Gold also posted healthy performances, with advances of US$1.76 per share to US$74.20 and US$1.45 to US$45.46, respectively.
It was Cliffs Natural Resources, however, which stole the show, gaining US$4.59 to close at US$59.08. Cliffs is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. Consol Energy, the largest underground coal producer in the U.S., claimed the third-largest value gain, rising US$2.35 to US$52.29. Yanzhou Coal increased US$1.21 to US$22.02 and Alpha Natural Resources, a leading Central Appalachian coal producer with significant operations in northern Appalachia, advanced US$1.17 to US$48.11
On the negative side of the ledger, Rio Tinto shares were off US$2.08 per share, closing at US$210.66. The company suffered some negative publicity during the trading period after it locked out 600 workers from its Boron borax mine, 120 km north of Los Angeles, after five months of labour negotiations. Rio had tried unsuccessfully to sell the mine last year and had told the workers that concessions are required to stay competitive.
U.S. most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 166751 | 13.52 | 12.80 | 13.31 | -0.23 |
Freeport McMo*FCX | 84108 | 77.29 | 70.37 | 76.45 | + 0.21 |
Barrick Gold* ABX | 57592 | 38.55 | 35.79 | 38.45 | + 0.08 |
Hecla Mining* HL | 55473 | 5.34 | 4.80 | 5.33 | + 0.03 |
Newmont Mng* NEM | 48968 | 50.43 | 45.58 | 50.28 | + 2.55 |
Silver Wheatn* SLW | 44011 | 15.53 | 14.10 | 15.26 | -0.33 |
Goldcorp* GG | 39954 | 38.50 | 35.53 | 38.42 | + 0.38 |
Goldspring* GSPG | 38200 | 0.01 | 0.01 | 0.01 | 0.00 |
Gold Fields* GFI | 33540 | 11.75 | 10.94 | 11.56 | -0.08 |
Arch Coal* ACI | 31920 | 22.89 | 20.51 | 22.69 | + 0.34 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Brookmount Ex* | BMXI | 34 | 0.12 | 0.07 | 0.10 | + 25.0 |
Xtra-Gold Res* | XTGR | 265 | 1.27 | 1.00 | 1.25 | + 23.7 |
Habanero Res* | HBNRF | 120 | 0.08 | 0.08 | 0.08 | + 14.2 |
Argentex Mng* | AGXM | 422 | 0.81 | 0.67 | 0.80 | + 14.2 |
Geovic Mng* | GVCM | 271 | 0.81 | 0.70 | 0.80 | + 11.1 |
Gold Reserve* | GRZ | 383 | 1.19 | 1.05 | 1.19 | + 10.1 |
Banro Res* | BAA | 861 | 2.15 | 1.82 | 2.09 | + 10.0 |
Affinity Gold* | AFYG | 657 | 1.31 | 0.85 | 1.11 | + 9.9 |
Crosshair E&M* | CXZ | 402 | 0.23 | 0.20 | 0.23 | + 9.5 |
Northgate Mnl* | NXG | 11781 | 2.88 | 2.50 | 2.88 | + 8.6 |
PolyMet Mng* | PLM | 8144 | 3.13 | 2.26 | 2.43 | -22.6 |
Starfield Res* | SRFDF | 50 | 0.10 | 0.09 | 0.09 | -18.1 |
NWT Uranium* | NWURF | 32 | 0.19 | 0.15 | 0.15 | -16.6 |
Golden Phoen* | GPXM | 850 | 0.05 | 0.04 | 0.05 | -16.6 |
Lake Vict Mng* | LVCA | 216 | 0.46 | 0.35 | 0.35 | -16.6 |
Canarc Res* | CRCUF | 111 | 0.12 | 0.10 | 0.12 | -14.2 |
Shoshone Silv* | SHSH | 53 | 0.17 | 0.15 | 0.15 | -11.7 |
Samex Mng* | SMXMF | 183 | 0.37 | 0.30 | 0.32 | -11.1 |
Grandview Gld* | GVGDF | 20 | 0.08 | 0.06 | 0.08 | -11.1 |
Augusta Res* | AZC | 482 | 2.66 | 2.52 | 2.64 | -8.9 |
U.S. greatest value change | |||
WEEK | |||
VOLUME | CLOSE | CHANGE | |
Cliffs Nat Rs* CLF | 31522222 | 59.08 | + 4.59 |
Newmont Mng* NEM | 48967917 | 50.28 | + 2.55 |
CONSOL Energy* CNX | 19459948 | 52.29 | + 2.35 |
Randgold Res* GOLD | 6259962 | 74.20 | + 1.76 |
Royal Gold* RGLD | 3645204 | 45.46 | + 1.45 |
AlumCpChina* ACH | 974600 | 25.15 | + 1.45 |
ASA (Bermuda)* ASA | 123285 | 72.56 | + 1.26 |
Yanzhou Coal* YZC | 1724571 | 22.02 | + 1.21 |
Agrium* AGU | 1821500 | 65.83 | + 1.17 |
Alpha Nat Res* ANR | 12821185 | 48.11 | + 1.17 |
Rio Tinto* RTP | 4721495 | 210.66 | -2.08 |
Cameco Corp* CCJ | 12007240 | 27.82 | -1.43 |
Soc Quim&M Ch*SQM | 4427761 | 36.57 | -1.33 |
Mosaic* MOS | 20075317 | 59.45 | -1.23 |
PolyMet Mng* PLM | 8143694 | 2.43 | -0.71 |
Mechel* MTL | 3461600 | 23.70 | -0.49 |
Potash C Sask* POT | 27481856 | 112.95 | -0.48 |
Silver Wheatn* SLW | 44011238 | 15.26 | -0.33 |
Augusta Res* AZC | 482400 | 2.64 | -0.26 |
Richmont Mine* RIC | 429004 | 3.97 | -0.24 |
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