U.S. markets end in positive territory, June 30-July 3

U.S. markets rebounded sharply on the back of strong jobs data before closing on July 4 for the Independence Day holiday. The U.S. economy added 288,000 non-farm jobs in June and revised data from the Labour Department showed that the unemployment rate fell to 6.1% from 6.3% in May, driving the Dow Jones Industrial Average Index up 1.28%, or 216.42 points to 17,068.26, and the S&P 500 Index up 1.25%, or 24.48 points, to 1,985.44. The Philadelphia Gold & Silver Index also ended the abbreviated trading week in positive territory, climbing 2.4%, or 2.38 points to 101.48.

Shares of BHP Billiton advanced US$2.20 to US$71.09 per share on no major news. But on July 2 the company reported that it was celebrating the shipment of its one billionth tonne of iron ore to Japan from the Pilbara region of Australia. The company shipped its first tonne of iron ore to Japan in 1966.

News on June 30 that US Silica Holdings received approval to develop a new mine and plant near Fairchild, Wis., sent the company’s shares US$2.10 higher to US$55.97 per share. The company can now develop a 3-million-ton-per-year frac sand mine and plant, which should operate by the fourth quarter of 2015, the company says.

Agrium reported that it has divested its turf and ornamental business to Koch Agronomic Services — an affiliate of Koch Fertilizer LLC — for $94 million as part of an ongoing portfolio review, but the news didn’t help the stock price. Agrium shares fell US49¢ to US$91.40 apiece. Other names in the fertilizer space fared poorly, too. Mosaic dropped US51¢ to end the trading week at US$49.19 on no news, while shares of Intrepid Potash slipped US26¢ to US$16.40 per share, also on no news.

Slumping prices for rare earth minerals have added to the pressure on players like Molycorp, which is optimizing its Mountain Pass mine and processing facilities in California. Shares of the U.S. rare earths miner dropped US8¢, or 3.1%, to US$2.44 per share on no news. Shares of Quest Rare Minerals also came under pressure on no news, falling 6.7% to US29¢ per share.

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