No surprises in U.S. markets during Dec. 6-10 week

The Dow Jones Industrial Average inched up 28.23 points or 0.25% to close the week at 11,410.32, while the S&P 500 rose 15.6 points or 1.25% to 1,240.40. The Nasdaq advanced 46.08 points or 1.78% to finish at 2,637.54. The Philadelphia Gold and Silver index dropped 1.82 points or 0.81% to 223.45 and the New York spot price for gold closed the week at US$1,385.80 per oz. Twenty-seven companies on the New York Stock Exchange reached new fifty-two week highs.

Freeport McMoRan Copper & Gold was one of them, advancing US$3.92 to close at US$112.87, the second-largest value gain of the week. It was also the fourth most-actively traded stock with 56.2 million shares trading hands. On Dec. 9 Freeport announced a supplemental common stock dividend of US$1.00 per share, an addition to the company’s regular quarterly common stock dividend. Freeport said the supplemental dividend reflected the company’s strong cash position and “significant” cash flow. Freeport’s board also declared a two-for-one split of the company’s common shares, a decision it says that illustrates “the strong share price performance of our shares and positive outlook for our business.”

Compass Minerals also reached a new 52-week high, rising US$2.79 to US$89.66 per share. On Dec. 7 the Kansas-based company announced that Standard & Poor’s is adding it to its S&P MidCap 400 Index. The company’s market capitalization has grown from US$485 million at the time of its initial public offering in December 2003 to nearly US$3 billion today. Companies in the index must have a market capitalization in the range of US$850 million to US$3.8 billion, as well as at least four consecutive quarters of positive earnings. Compass Minerals also announced on Dec. 9 that it will raise the price of all sulfate of potash specialty fertilizer products by US$25 per short ton on orders placed after Dec. 13.

Mesabi Trust and Teck both reached new 52-week highs, with the former gaining US$4.78 to US$54.60 per share and the latter rising US$2.59 to US$57.32.

Minefinders was up US$1.06 to US$11.34 on no news. On Monday Dec. 13 the company announced a C$151.5 million bought deal financing with a syndicate of underwriters involving their purchase of 13.65 million shares at a price of C$11.10 apiece. The net proceeds will be used for future expansion and mill construction at Minefinders’ open-pit Dolores mine, about 250 km west of the Mexican city of Chihuahua, and continued development at its La Bolsa development project, in Sonora, Mexico.