U.S. equities edge higher, July 14-18

The downing of a Malaysia Airlines passenger jet by suspected pro-Russian militants in Ukraine and Israel’s invasion of Gaza triggered a sell-off on July 17, but U.S. markets ended the trading week in positive territory, with the Dow Jones Industrial Average rising 0.92%, or 156.37 points to 17,100.18, and the S&P 500 Index up 0.54% to 10.65 points to 1,978.22. The Philadelphia Gold and Silver Index fell 2.0% or 2.09 points to 101.98.

A strong operating performance by Rio Tinto in the first half of 2014 drove its shares up US$1.35 to US$56.51. The company reported that its global iron-ore shipments and global iron-ore production (on a 100% basis) in the first half of the year rose 20% and 10% over the first half of 2013. Mined copper increased by 23%; hard-coking coal, 9%; and semi-soft and thermal coal, 2%. The only segments that declined were bauxite and titanium dioxide feedstock, which dropped 2% and 14%. First-half aluminium production was in line with last year.  

Shares of Cameco and Denison Mines rose after news that Japan’s Nuclear Regulation Authority reported in a 400-page draft document that the No. 1 and No. 2 Sendai reactors owned by Kyushu Electric Power Co. had passed safety checks. The National Rifle Association has agreed to provide a 30-day public comment or consultation period. Separately, Cameco reported that ground freezing at its partly owned Cigar Lake mine in northern Saskatchewan had not advanced as quickly as expected in some areas, so it has temporarily stopped jet-boring so that the orebody can freeze more thoroughly. Cameco’s shares climbed 7.3% to US$20.42, while Denison’s shares advanced 5.6% to US$1.32.

Allied Nevada’s shares fell 11.7% to US$3.46 per share on no news, despite impressive preliminary production for its Hycroft mine the week before. The Nevada mine produced 116,978 oz. gold in the first half of 2014 — up 51.5% from 77,214 oz. gold in the first half of 2013 — while silver production more than doubled to 893,657 oz., from 320,841 oz. The company said Hycroft, which it restarted in 2008, is benefiting from increased mining capacity and process improvements for the heap-leach operation in recent years.

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