U.S. Markets July 31-August 6

The U.S. markets didn’t exactly rebound over the July 31-Aug. 6 trading session, but they showed some improvement over the previous period.

The Dow Jones Industrial Average closed up 110.47 points at 13,468.78, recovering less than 1% of the 4.2% loss it incurred a week earlier. The Standard & Poor’s 500 Index wasn’t quite as successful. It dropped 6.24 points to finish the period at 1,467.67, after losing 4.4% during the previous session.

The Amex Goldbugs Index was also down 11.62 points to 225.81 though gold surged US$6.00 to US$671.50 per oz.

Harmony Gold Mining’s share price took a tumble, falling 18.6% to US$11.02, as the company reported it would be posting a loss for the quarter. Gold production was 8% to 12% lower and cash costs rose 35% to 45% for the period. Company CEO Bernard Swanepoel resigned on the news and was replaced by Graham Briggs, managing director of Harmony Australasia.

The top percentage gainers over the period lacked value, with penny stocks dominating the list. The top five stocks rose between 3.5% and 25%, closing at between US0.6 and US5.2 per share.

Companhia Vale do Rio Doce, up US34 to US$46.55, was a distant second with about 63 million shares traded, followed by Freeport-McMoRan Copper & Gold with 51 million, and down US$3.88 to US$85.47.

Phosphate producer Mosaic saw the best dollar gain of US$3.34 per share, closing at US$38.75. In its latest quarterly results, Mosaic posted net earnings of US$202.6 million, or US46 per share, compared with a net loss of US$180.9 million or US40 per share for the same period last year. Net earnings for the year were US$419.7 million, or US95 per share, compared with a net loss of US$121.4 million, or US35 per share, in 2006.

Alcoa was the volume leader for the trading period with 104 million shares changing hands, but its stock continued its downward slide, closing US$2.41 lower at US$35.67 per share. A legal firm is investigating claims that emissions from the company’s bauxite refinery, near Perth, Australia, are causing health problems for people living in the area. Erin Brockovich, who helped California residents win a record $333 million in a lawsuit against Pacific Gas & Electric for knowingly contaminating groundwater, is supporting the investigation.

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