The Dow and S&P 500 slip in Nov. 22-26 trading week

The Dow Jones Industrial Average fell 111.55 points or 1% to finish at 11,092.00, while the S&P 500 index slipped 10.33 points or 0.86% to 1,189.40. Nasdaq added 16.44 points or 0.65% to reach 2,534.56. The Philadelphia Gold and Silver index dropped 2.58 points or 1.21% to 209.79, as the price of gold inched up US$10.10 per oz. to close in New York on Nov. 26 at US$1,364.20 per oz.

Just four companies on the New York Stock Exchange reached new 52-week highs: Arch Coal, Compass Minerals, International Coal Group, and the Mesabi Trust. The Mesabi Trust claimed the second-highest value gain of the Nov. 22-26 trading week, climbing US$2.73 to US$45.10 per share on the back of strengthening prices for iron ore. The royalty trust derives its income from the Peter Mitchell iron ore mine at the eastern end of the Mesabi iron range in Minnesota.

Cameco Corp. gained US$1.41 to US$36.80 per share on news it had signed an agreement with China Guangdong Nuclear Power Holding Company (CGNPC) to supply 29 million pounds of uranium concentrate under a long-term agreement through 2025. CGNPC operates three nuclear power stations and has the largest number of nuclear power plants under construction in the world, according to Cameco. CGNPC has roughly 17,000 megawatts of nuclear capacity under construction and expects to have more than 50,000 megawatts on line by 2020.

Potash Corporation of Saskatchewan jumped US$2.89 to US$143.14. On Nov. 22 the fertilizer giant announced an offering of US$500 million of seven-year notes (at 3.25%) and US$500 million of 30-year notes (at 5.625%). Potash Corp will use the proceeds from the offering for general corporate purposes, including repurchases of its common shares under the US$2.0 billion share repurchase program it unveiled on Nov. 16.

Almaden Minerals advanced US$1.09 to US$3.83 per share on news that it had added a second drill rig at its Tulgitic project in Mexico and extended its Ixtaca gold-silver zone by more than 100 metres along the interpreted strike. The Ixtaca zone is a new gold-silver grassroots discovery in the southwest portion of the company’s 50-sq-km Tuligtic project, and about 2 km southwest of a porphyry copper-gold zone that had been drilled in 2009.

Finally, Uranium Resources was up 72¢ to US$3.18 following news on Nov. 15 that its U.S. Nuclear Regulatory Commission (NRC) license has been upheld to conduct in situ uranium recovery at its Churchrock/Crownpoint project in New Mexico.