Comments from the World Bank that a double-dip recession cannot be ruled out, and nagging worries about the debt crisis sweeping Europe, caused U.S. markets to seesaw in the first three days of the June 7-11 trading week.
U.S. equities ended the week up for a second straight day on Friday, however, despite disappointing economic news that sales at U.S. retailers had fallen in May for the first time in eight months. The Dow Jones industrial average closed at 10,211.07 points, up 4.02%, while the S&P 500 index rose 3.92% to finish at 1,091.60. The Nasdaq climbed 3.21% to 2,243.60. Gold closed the week at US$1,227.50 per oz., while the Philadelphia Gold and Silver index gained 3.06 points to 175.31.
A Reuters story on June 11 quoting Australia’s Herald-Sun saying that the Australian government “plans to announce major changes” to its proposed Resource Super Profits Tax “in coming days,” sent shares of BHP Billiton up US$5.57 to US$65.28 and Rio Tinto US$3.41 higher to US$47.29. Prime Minister Kevin Rudd has refuted suggestions that the government would make changes to the proposed tax.
Cliffs Natural Resources ranked first in the list of value gains with an increase of US$6.75 per share to US$55.97. The iron ore giant revealed on June 7, that while it remained firmly committed to its previous offer for Spider Resources, which expires on July 6, it is reviewing its options about whether to make a formal offer for KWG Resources.
That’s because a day after Cliffs announced it was informally bidding for KWG, the junior said it was entering into a binding letter of agreement to merge with Spider. Cliffs is trying to win control of the Big Daddy chromite deposit in northern Ontario.
Finally, junior explorer Elray Resources topped the charts with an advance of 200% or US2¢ to US14¢ per share on no news. In April, Elray confirmed that the “infrastructure was in place” to develop its Picacho property in southeastern Ecuador. Elray also owns Porphyry Creek, a gold-copper property about 290 km north of Phnom Penh.
U.S. most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 123052 | 11.39 | 10.49 | 11.36 | + 0.52 |
Freeport McMo* FCX | 85654 | 65.54 | 58.24 | 64.93 | + 2.12 |
Barrick Gold* ABX | 50572 | 44.60 | 41.13 | 43.11 | + 1.69 |
Silverado* SLGLF | 50102 | 0.00 | 1.0E8 | 0.00 | 0.00 |
Hecla Mining* HL | 43529 | 5.40 | 4.96 | 5.31 | + 0.29 |
Newmont Mng* NEM | 41583 | 57.61 | 53.30 | 56.25 | + 2.64 |
Goldcorp* GG | 40381 | 45.33 | 41.94 | 43.71 | + 1.48 |
Cliffs Nat Rs* CLF | 38126 | 56.18 | 47.70 | 55.97 | + 6.75 |
Crystallex In* KRY | 37591 | 0.77 | 0.41 | 0.45 | -0.10 |
Vale* VALE | 34166 | 27.09 | 24.67 | 27.03 | + 1.49 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Elray Res* | ELRA | 350 | 0.14 | 0.02 | 0.12 | + 200.0 |
Apolo Gold* | APLL | 207 | 0.04 | 0.02 | 0.03 | + 50.0 |
Affinity Gold* | AFYG | 906 | 0.05 | 0.03 | 0.04 | + 33.3 |
Nevsun Res* | NSU | 5128 | 3.69 | 2.86 | 3.52 | + 19.7 |
Fronteer Gold* | FRG | 5593 | 6.95 | 5.81 | 6.75 | + 15.7 |
Mesabi Trust* | MSB | 382 | 19.30 | 16.14 | 19.20 | + 15.0 |
Gold Reserve* | GRZ | 2135 | 0.98 | 0.77 | 0.84 | + 15.0 |
Cliffs Nat Rs* | CLF | 38126 | 56.18 | 47.70 | 55.97 | + 13.7 |
Harry Winston* | HWD | 467 | 13.94 | 11.92 | 13.81 | + 13.3 |
Petaquilla Mn* | PTQMF | 1208 | 0.37 | 0.32 | 0.37 | + 12.1 |
Amazon Goldsd* | AZNG | 27 | 0.40 | 0.12 | 0.12 | -61.2 |
Tornado Gold* | TOGI | 81 | 0.02 | 0.01 | 0.01 | -50.0 |
Yellowcake Mg* | YCKM | 42 | 0.03 | 0.02 | 0.02 | -33.3 |
Global Gold* | GBGD | 126 | 0.12 | 0.09 | 0.09 | -25.0 |
Commerce Grp* | CGCO | 20 | 0.06 | 0.04 | 0.04 | -20.0 |
Crystallex In* | KRY | 37591 | 0.77 | 0.41 | 0.45 | -18.1 |
Radius Gold* | RDUFF | 228 | 0.33 | 0.28 | 0.28 | -17.6 |
Strata O&G* | SOIGF | 210 | 0.33 | 0.26 | 0.28 | -15.1 |
Grandview Gld* | GVGDF | 133 | 0.08 | 0.05 | 0.06 | -14.2 |
Crosshair E&M* | CXZ | 215 | 0.14 | 0.12 | 0.12 | -14.2 |
U.S. greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Cliffs Nat Rs* | CLF | 38125911 | 55.97 | + 6.75 |
Potash C Sask* | POT | 24707463 | 100.62 | + 5.78 |
BHP Billi-BHP* | BHP | 26581129 | 65.28 | + 5.57 |
BHP Billi-BBL* | BBL | 14776950 | 54.94 | + 4.58 |
Compass Mnls* | CMP | 575100 | 77.81 | + 4.38 |
Consol Energy* | CNX | 23178201 | 38.88 | + 3.74 |
Rio Tinto* | RTP | 18455828 | 47.29 | + 3.41 |
Peabody Enrgy* | BTU | 33605010 | 39.78 | + 3.10 |
Teck B* | TCK | 33167316 | 33.81 | + 2.90 |
Lihir Gold* | LIHR | 866549 | 35.70 | + 2.87 |
OM Group* | OMG | 1303201 | 27.43 | -0.79 |
Intrepid Pots* | IPI | 2321200 | 22.44 | -0.56 |
SinoCoking Cl* | SCOK | 159065 | 13.58 | -0.40 |
Westmoreland* | WLB | 231818 | 8.83 | -0.28 |
Amazon Goldsd* | AZNG | 27000 | 0.12 | -0.19 |
Intl Tower Hi* | THM | 173496 | 6.48 | -0.14 |
Uranerz Energ* | URZ | 1866596 | 1.18 | -0.14 |
Vista Gold* | VGZ | 1677761 | 1.77 | -0.11 |
Crystallex In* | KRY | 37590842 | 0.45 | -0.10 |
Entree Gold* | EGI | 1061906 | 1.91 | -0.07 |
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