U.S. equities were looking a little rosier during the July 19-23 trading week. The Dow Jones industrial average climbed 326.73 points or 3.24% to close at 10,424.62, while the S&P 500 index advanced 37.78 points or 3.55% to finish at 1,102.66.
The Nasdaq rose 90.42 points or 4.15% to 2,269.47. The Philadelphia Gold and Silver index added 6.03 points or 3.6% to finish at 173.42. The price of gold edged down slightly from its open in New York on July 19 at US$1,193 per oz. to close on July 23 at US$1,189.70 per oz.
Strong second-quarter and half-year results sent Freeport-McMoRan Copper & Gold’s shares soaring US$11 to US$71.08 per share, and making it the second most actively traded stock of the week. Net income in the second quarter reached US$649 million, or US$1.40 per share, up from US$588 million, or US$1.38 per share, in the second quarter of 2009. Net income for the first six months was US$1.5 billion compared to US$631 million for the first half of 2009.
News that Kinross Gold was selling its 9% stake in the Diavik diamond mine to Harry Winston Diamond for US$220 million sent Harry Winston shares down US$1.04 to US$12.58. Harry Winston will pay Kinross US$50 million in cash, 7.1 million in shares valued at US$100 million, and a US$70-million note. Kinross also announced it was selling 15.2 million Harry Winston shares through a block trade to a group of financial institutions.
Cliffs Natural Resources gained US$9.35 to US$55.90 per share. On July 19, the company announced it had increased its ownership stake in Spider Resources to about 81.8%, up from 52.1%. Cliffs has extended its offer of 19¢ per Spider share until July 26. The junior’s main asset is a 26.5% interest in the Big Daddy chromite project in the McFaulds Lake area of northern Ontario. Cliffs now has effective control of 73.5% of Big Daddy, (Cliffs’ directly held 47% interest and Spider’s 26.5% interest).
The end of a 12-month strike at Vale’s operations in Sudbury and Port Colborne, Ont., drove the company’s shares up US$3.38 to US$27.72 apiece. Unionized employees voted yes to a five-year collective agreement.
| U.S. most active issues | |||||
| VOLUME | WEEK | ||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 131348 | 11.12 | 10.31 | 11.05 | + 0.64 |
| Freeport McMo* FCX | 82216 | 71.38 | 60.01 | 71.08 | + 11.00 |
| Vale* VALE | 39415 | 27.80 | 24.43 | 27.72 | + 3.38 |
| Cliffs Nat Rs* CLF | 37119 | 56.37 | 45.18 | 55.90 | + 9.35 |
| Newmont Mng* NEM | 36885 | 59.62 | 56.27 | 59.05 | + 0.15 |
| Barrick Gold* ABX | 35672 | 42.83 | 40.58 | 42.37 | + 0.62 |
| Mosaic* MOS | 30638 | 47.10 | 43.20 | 46.80 | + 2.04 |
| Teck B* TCK | 30027 | 35.92 | 30.94 | 35.66 | + 4.02 |
| Peabody Enrgy* BTU | 29911 | 45.56 | 41.37 | 45.43 | + 3.62 |
| Hecla Mining* HL | 28561 | 4.98 | 4.52 | 4.95 | + 0.25 |
| U.S. greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Tornado Gold* | TOGI | 221 | 0.02 | 0.01 | 0.02 | + 100.0 |
| National Coal* | NCOC | 359 | 1.14 | 0.71 | 1.04 | + 52.9 |
| Global Gold* | GBGD | 80 | 0.14 | 0.06 | 0.14 | + 40.0 |
| Mesabi Trust* | MSB | 950 | 24.22 | 18.85 | 24.21 | + 28.7 |
| Caledonia Mng* | CALVF | 306 | 0.06 | 0.05 | 0.05 | + 25.0 |
| Mechel* | MTL | 6979 | 22.33 | 17.79 | 22.23 | + 22.0 |
| Petaquilla Mn* | PTQMF | 972 | 0.51 | 0.34 | 0.46 | + 21.0 |
| Augusta Res* | AZC | 285 | 1.73 | 1.43 | 1.73 | + 20.9 |
| Cliffs Nat Rs* | CLF | 37119 | 56.37 | 45.18 | 55.90 | + 20.0 |
| Freeport McMo* | FCX | 82216 | 71.38 | 60.01 | 71.08 | + 18.3 |
| Shoshone Silv* | SHSH | 150 | 0.13 | 0.09 | 0.09 | -25.0 |
| Grandview Gld* | GVGDF | 50 | 0.05 | 0.05 | 0.05 | -16.6 |
| Elray Res* | ELRA | 129 | 0.05 | 0.04 | 0.05 | -16.6 |
| Canarc Res* | CRCUF | 13 | 0.06 | 0.06 | 0.06 | -14.2 |
| Tombstone Exp* | TMBXF | 726 | 0.08 | 0.05 | 0.06 | -14.2 |
| Strata O&G* | SOIGF | 587 | 0.23 | 0.15 | 0.19 | -13.6 |
| Am Engy Field* | AEFI | 20 | 0.46 | 0.30 | 0.40 | -13.0 |
| Pac Rim Minin* | PMU | 286 | 0.18 | 0.16 | 0.17 | -10.5 |
| Li3 Energy* | LIEG | 386 | 0.45 | 0.38 | 0.40 | -9.0 |
| New Jersey Mg* | NJMC | 152 | 0.22 | 0.11 | 0.22 | -8.3 |
| U.S. greatest value change | |||
| WEEK | |||
| VOLUME | CLOSE | CHANGE | |
| Freeport McMo* FCX | 82215875 | 71.08 | + 11.00 |
| Cliffs Nat Rs* CLF | 37119364 | 55.90 | + 9.35 |
| Rio Tinto* RTP | 16429489 | 51.95 | + 6.19 |
| BHP Billi-BHP* BHP | 22083564 | 71.67 | + 6.14 |
| BHP Billi-BBL* BBL | 12457770 | 60.70 | + 5.67 |
| Mesabi Trust* MSB | 949647 | 24.21 | + 5.40 |
| Alpha Nat Res* ANR | 18220217 | 39.28 | + 5.29 |
| OM Group* OMG | 1525070 | 27.61 | + 4.19 |
| Teck B* TCK | 30026991 | 35.66 | + 4.02 |
| Mechel* MTL | 6978700 | 22.23 | + 4.02 |
| Harry Winston* HWD | 358800 | 12.58 | -1.04 |
| Pan Am Silver* PAAS | 5558527 | 23.20 | -0.79 |
| Allied Nevada* ANV | 853900 | 16.49 | -0.76 |
| Alliance Rs P* ARLP | 578826 | 47.37 | -0 .70 |
| Seabridge Gld* SA | 2519637 | 26.66 | -0.54 |
| AngloGold Ash* AU | 8826583 | 39.95 | -0.46 |
| Harmony Gold* HMY | 11996988 | 10.02 | -0.29 |
| Richmont Mine* RIC | 171465 | 4.17 | -0.19 |
| Mines Managem* MGN | 258798 | 1.61 | -0.14 |
| Nevsun Res* NSU | 1507650 | 3.54 | -0.13 |
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