Market news: U.S. Markets

U.S. equities ended the trading week down with the Dow Jones Industrial Average slipping 0.1%, or 16.82 points, to 13,992.97, putting an end to its five weeks of gains.

The S&P 500 Index rose 0.3%, or 4.76 points, to 1,517.93; the tech-heavy Nasdaq Composite Index advanced 0.5%, or 14.77 points, to 1,667.20; the Philadelphia Gold and Silver Index edged down half a point to 152.43; and the spot price for gold fell US40¢ per oz. to US$1,667.20.

Platinum Group Metals was the week’s biggest percentage gainer, climbing 23% to $1.45 on an updated resource estimate at the Waterberg joint-venture property, located in South Africa’s Bushveld complex.

The total inferred resource contains 10 million oz. platinum, palladium and gold in 92 million tonnes, marking a 51% expansion over the deposit’s initial 2012 estimate.

The Vancouver-based junior is focusing on Waterberg’s updip potential and has bulked up the drills on the property from 10 to 15 rigs. The deposit remains open along strike and updip. Waterberg is held 49.9% by Platinum Group, 37% by Japan’s Jogmec and 13.1% by a black empowerment group.

Fortuna Silver Mines added 8% to end at US$4.56 after buying 55% of the Taviche Oeste concession for US$4 million in cash from a subsidiary of Pan American Silver. The 62 sq. km concession surrounds the company’s San Jose silver mine in Oaxaca, Mexico, and once a production decision is made, Fortuna will buy the remaining 45% for another US$6 million.

Fortuna also reported drill results at San Jose, where it’s testing the extensions of the Trinidad ore shoot to the north and to depth beyond the boundaries of the existing resource. The best intercept returned 427 grams silver and 2.77 grams gold over an estimated true width of 12.3 metres, providing potential to expand the current resource.

Arch Coal was the week’s biggest loser and most actively traded stock, tumbling 18.4%, or US$1.30, to US$5.75 on 92.3 million shares traded, after posting a US$89-million adjusted net loss, or US42¢ per diluted share in the fourth quarter. Arch had a US$77-million adjusted net loss in 2012 and a US$205.2-million adjusted net income in 2011.

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