U.S. MARKETS MARCH 9-15

U.S. equity markets were fairly ho-hum in the March 9-15 reporting period with the Dow Jones industrial average inching up just 0.74% or 77.77 points to finish at 10,642.15 and the S&P 500 index gaining 10.06 points or 0.88% to close at 1,150.51. The Nasdaq rose 21.53 points or 0.92% to 2,362.21.

Potash dominated the list of value gains (four of the top five companies are potash plays) with Potash Corp. of Saskatchewan topping the list with an advance of US$7.03 per share to US$124.94 on news that it was revising its first-quarter earnings guidance. The company estimates its first-quarter earnings will be in the range of US$1.30-US$1.50 per share, well above the initial guidance of US70¢-US$1.00 per share it broadcasted on Jan. 28.

The upward revision reflects a rebound in potash demand, the company says, that it expects will drive a record quarter for North American sales volumes and strong offshore shipments, as well as higher-than-expected margins in nitrogen and phosphate. “Strong farmer returns, a depleted distributor pipeline and the agronomic need to replace soil nutrients have kick-started a potash rebound from 2009 lows,” Potash Corp.’s chief executive Bill Doyle said in a statement.

Optimism about potash also fuelled share gains for Agrium, Intrepid Potash and Compass Minerals. Agrium advanced US$3.75 per share to US$71.71. On March 11, the fertilizer giant announced that it was no longer pursuing an acquisition of CF Industries Holdings and will allow its offer to expire on March 22.

Talk of rising iron ore prices appears to have pushed up Cliffs Natural Resources and the Mesabi Trust. Cliffs climbed US$2.98 per share to US$63.15 per share while the Mesabi Trust gained US$1.60 to US$22.05. Mesabi is a royalty trust and derives income from the Peter Mitchell iron ore mine near Babbitt, Minn., at the eastern end of the Mesabi Iron Range. The mine is operated by Northshore Mining, Cliff’s subsidiary, which pays royalties to the Trust based largely on the selling price of pellets shipped from Northshore’s pellet plant in Minnesota, plus a significantly smaller royalty based on tons of ore extracted at the mine.

U.S. most active issues
	VOLUME	WEEK
	(000s) HIGH	LOW	CLOSE	CHANGE
Alcoa* AA	143208 13.85	13.35	13.51	-0.27
Freeport McMo*FCX	62739 81.48	78.66	80.66	+ 0.04
Intl Coal Gp* ICO	49958 4.67	4.22	4.51	+ 0.27
Barrick Gold* ABX	41948 39.89	38.36	39.01	-0.67
Goldcorp* GG	38983 40.88	38.58	39.09	-1.02
Hecla Mining* HL	38728 5.70	5.30	5.49	-0.14
Potash C Sask* POT	35972 126.98	116.06	124.94	+ 7.03
Newmont Mng* NEM	34081 51.72	49.34	49.73	-1.23
Goldspring* GSPG	32279 0.01	0.01	0.01	0.00
Arch Coal* ACI	29294 25.95	24.05	24.62	+ 0.06

U.S. greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Elray Res*	ELRA	488	0.25	0.12	0.19	+ 35.7
Minco Gold*	MGH	8767	1.50	0.96	1.21	+ 32.9
Fischer-W Gld*	FWGO	56	0.06	0.05	0.06	+ 20.0
Contintl Mnls*	KMKCF	466	2.30	1.91	2.19	+ 14.6
Dejour Enterp*	DEJ	220	0.32	0.28	0.32	+ 14.2
Global Gold*	GBGD	346	0.20	0.11	0.16	+ 14.2
Patriot Gold*	PGOL	144	0.36	0.25	0.33	+ 13.7
PolyMet Mng*	PLM	5635	2.75	2.14	2.46	+ 13.3
America West*	AWSR	93	0.17	0.16	0.17	+ 13.3
NovaGold Res*	NG	22274	7.53	6.17	7.14	+ 13.3
Affinity Gold*	AFYG	3247	0.92	0.31	0.42	-48.7
Industrl Mnls*	IDSM	714	0.03	0.01	0.02	-33.3
Yellowcake Mg*	YCKM	222	0.04	0.03	0.03	-25.0
DouglasLkMl*	DLKM	792	0.26	0.20	0.20	-20.0
Brookmount Ex*	BMXI	23	0.10	0.05	0.08	-20.0
US Antimony*	UAMY	71	0.42	0.36	0.36	-18.1
Linux Gold*	LNXGF	63	0.07	0.05	0.05	-16.6
NWT Uranium*	NWURF	60	0.17	0.15	0.15	-16.6
DRDGOLD*	DROOY	1127	6.21	5.25	5.31	-14.2
Apollo Gold*	AGT	5821	0.41	0.35	0.37	-13.9

12477239

U.S. greatest value change
WEEK
	VOLUME	CLOSE	CHANGE
Potash C Sask* POT	35972113	124.94	+ 7.03
Agrium* AGU	4109500	71.71	+ 3.75
Intrepid Pots* IPI	2498900	31.45	+ 3.34
Cliffs Nat Rs* CLF	28084781	63.15	+ 2.98
Compass Mnls* CMP	642300	80.58	+ 2.74
Mesabi Trust* MSB	670026	22.05	+ 1.60
Mosaic* MOS	27147062	62.39	+ 1.01
NovaGold Res* NG	22273513	7.14	+ 0.84
Westmoreland* WLB	167749	13.18	+ 0.71
Lihir Gold* LIHR	1418567	27.06	+ 0.66
CONSOL Energy* CNX	19328100	48.85	-4.86
Rio Tinto* RTP	3048779	222.33	-2.17
Randgold Res* GOLD	3686798	73.81	-2.12
Buenaventura* BVN	3725795	32.05	-1.97
Patriot Coal* PCX	6440600	19.18	-1.95
Agnico-Eagle* AEM	57.99	-1.90
BHP Billi-BHP* BHP	14955081	77.76	-1.55
BHP Billi-BBL* BBL	6506624	65.84	-1.48
Newmont Mng* NEM	34081312	49.73	-1.23
Kinross Gold* KGC	26358431	17.63	-1.22