U.S. Markets June 19-25

Rising bond yields continued to be a worry on United States equity markets during the trading period June 19-25, pushing the Standard & Poor’s 500 Index down 2.2% to 1,497.74 and the Dow Jones Industrial Average down 1.9%.

Weakness was spread across all industries and a much-heralded public offering of (former) private-equity firm Blackstone Group, out at US$31, headed sharply lower the following day. Another coolant was the trouble at investment house Bear Stearns, which took out US$3 billion in loans to bail out two of its hedge funds.

With gold off US$5.25 over the same period, at US$650.75 per oz., the gold equities were softer as well. The Philadelphia Gold and Silver Index fell 2.8% to 136.24, while the unhedged Amex Gold Bugs Index slid 2%. Newmont Mining was down US88 at US$39.13 and Gold Fields US11 to US$16.23, but AngloGold Ashanti took the worst hit of the big boys, sliding US$2.57 to US$38.13.

It was better in the mid-tiers, with Hecla Mining off US8 at US$8.21 and Randgold Resources down US$1.15 at US$21.55. Minas Buenaventura was one of the few golds to post gains, rising US48 to US$36.02, while Harmony Gold Mining rose US28 to US$14.54. DRDGold, which announced it is to receive A$41 million (US$34.7 million) from Emperor Gold Mines’ sale of a 20% stake in the Porgera gold mine to Barrick Gold, was up a penny at US75.

In base metals, Companhia Vale do Rio Doce was the most active, with 74 million shares changing hands; it fell US$3.23 to US$44.32. Rio Tinto was down US$5.85 at US$300.40, while BHP Billiton saw a 52-week high of US$60.58 on the way to a close of US$58.90, up US30. Southern Copper also touched a 52-week high: it closed at US$95.44, up US$1.16, having traded as high as US$96.65.

The aluminum giants both lost ground; Alcoa fell US$2.47 to US$39.41, on a volume of 49 million shares. Alcan, which was off US$1.86 at US$81.69, benefited from news that BHP Billiton had hired Merrill Lynch as advisors to assess an Alcan bid, and stories surfaced of an Alcan data room attended by both BHP and Rio Tinto.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Starfield Res*	SRFDF	892	1.41	1.08	1.41	+	27.6
Evolving Gold*	EVOGF	15	0.44	0.37	0.44	+	15.7
Mountain Prov*	MDM	164	5.29	4.31	5.15	+	14.4
Augusta Res*	AZC	86	3.21	2.78	3.15	+	12.9
McKenzie Bay*	MKBY	252	0.09	0.08	0.09	+	12.5
Halo Res*	HLOSF	329	0.56	0.46	0.54	+	11.8
Goldfield*	GV	204	0.95	0.87	0.95	+	9.2
Orezone Res*	OZN	776	1.63	1.43	1.56	+	8.3
Pine Valley M*	PVMCF	1199	0.06	0.038	0.041	+	7.8
Nevsun Res*	NSU	952	2.36	2.04	2.33	+	7.3
Sao Luis Mng*	SAOL	739	0.87	0.41	0.54	–	35.7
Brookmount Ex*	BMXI	750	0.12	0.05	0.07	–	30.0
Madison Minls*	MMRSF	272	0.50	0.331	0.355	–	29.0
NT Holding*	NTHH	129	0.15	0.09	0.12	–	20.0
Douglas Lk Ml*	DLKM	28	0.50	0.39	0.39	–	18.7
Sparrowtech R*	SPMC	490	0.08	0.05	0.07	–	17.6
Homeland Pr M*	HPMEF	23	0.34	0.30	0.30	–	14.2
Idaho Gen Mn*	GMO	4137	6.65	5.13	5.31	–	13.6
Silverado*	SLGLF	13715	0.10	0.087	0.088	–	12.0
Golden Eagle*	MYNG	9691	0.025	0.021	0.022	–	12.0

U.S. greatest value change

		VOLUME	CLOSE		CHANGE
Fording C C T*	FDG	5543500	32.02	+	1.32
Southern Copp*	PCU	9111490	95.44	+	1.16
Soc Quim&M Ch*	SQM	129900	171.19	+	0.94
Mountain Prov*	MDM	163500	5.15	+	0.65
Buenaventura*	BVN	2339600	36.02	+	0.48
Alpha Nat Res*	ANR	7072100	19.74	+	0.46
Westmoreland*	WLB	471800	27.10	+	0.42
Augusta Res*	AZC	86200	3.15	+	0.36
Arizona Star*	AZS	52500	11.07	+	0.31
Starfield Res*	SRFDF	892306	1.41	+	0.305
Rio Tinto*	RTP	1471700	300.40	–	5.85
Yanzhou Coal*	YZC	659200	69.05	–	4.65
CVRD*	RIO	73831678	44.32	–	3.23
Cameco Corp*	CCJ	10472729	51.51	–	2.84
Peabody Enrgy*	BTU	29578078	47.54	–	2.75
AngloGold Ash*	AU	6074700	38.13	–	2.57
Teck Comin B*	TCK	2529600	43.54	–	2.49
Alcoa*	AA	49326633	39.41	–	2.47
Arch Coal*	ACI	16399183	34.95	–	2.30
Freeport McMo*	FCX	36964254	81.25	–	2.27

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
CVRD*	RIO	73832	47.23	44.08	44.32	–	3.23
Alcoa*	AA	49327	41.99	39.25	39.41	–	2.47
Freeport McMo*	FCX	36964	83.90	80.00	81.25	–	2.27
Goldcorp*	GG	31942	25.09	23.68	23.73	–	0.94
Barrick Gold*	ABX	30138	29.76	28.89	28.93	–	0.12
Peabody Enrgy*	BTU	29578	52.35	47.50	47.54	–	2.75
Newmont Mng*	NEM	27580	40.96	38.85	39.13	–	0.88
Coeur d Alene*	CDE	23067	3.80	3.61	3.63	–	0.11
Gold Fields*	GFI	17862	16.73	16.09	16.23	–	0.11
Potash C Sask*	POT	17645	80.85	74.67	77.98	–	1.48