U.S. indexes post third straight week of gains, Nov. 3-7

Despite weaker-than-expected U.S. job numbers and accusations by Ukraine that Russia was sending tanks and soldiers across the border into the eastern part of the country, U.S. stock indexes still posted marginal gains. The Dow Jones Industrial Average rose 183.41 points (1.1%) to finish the week at 17,573.93, while the S&P 500 Index advanced 13.87 points (0.69%) to 2,031.92.  

Shares of junior Uranium Energy posted the biggest percentage increase of the week, surging 50% to US$1.72 on news that the governor of Kagoshima prefecture in Japan has given his approval to restart two reactors at the Sendai nuclear power plant. Spot uranium prices ended the day at US$39 per lb. — up by 40% since hitting a low of US$28 per lb. mid-year. The prefecture’s approval on Nov. 6 follows a favourable vote on the restarts from the city assembly of Satsumasendai in October, and approval from Japan’s Nuclear Regulation Authority in July. The Sendai reactors will be the first to restart after the 2011 Fukushima meltdown.

West Africa-focused Randgold Resources advanced US$9.12 per share to US$67.33 — the largest gain of the week — on the back of robust third-quarter results. For the three months to Sept. 30, production rose 8% quarter-on-quarter to 299,320 oz. gold, while total cash costs per ounce fell 1% from the previous quarter to US$692 per oz. Earnings per share climbed 11% to US63¢ from the previous quarter. Profit was just marginally ahead of the previous quarter at US$66 million, due to foreign exchange adjustments. By the end of the quarter, Randgold became debt-free after repaying its revolving credit facility.

AngloGold Ashanti rose 18.7% to US$9.82 per share. The company tabled its first resource estimate on the Nuevo Chaquiro deposit at its Quebradona project in Colombia. The deposit contains an inferred resource of 604 million tonnes grading 0.7% copper, 0.32 gram gold per tonne, 4.38 grams silver per tonne and 116 parts per million molybdenum, for contained metal of 3.95 million tonnes copper, 6.13 million oz. gold, 85.2 million oz. silver and 70,000 tonnes molybdenum. Drilling continues with the high-grade zone open to the north and south. The Quebradona project is a joint venture between AngloGold (88.5%) stake and B2Gold (11.5%).