U.S. markets, Jan. 6-10

The first trading week of 2014 saw the Dow Jones Industrial Average slide 0.02% to 16,437.05, the S&P 500 inch up 0.60% to 1,842.37 and the Philadelphia Gold & Silver Index rise 0.49% to 87.05. Weaker-than-expected jobs data dampened spirits later in the week, with nonfarm payrolls rising 74,000 in December, the smallest gain since January 2011.

Shares of Compass Minerals International posted the week’s largest gain, jumping US$2.15 per share to US$81.43, on the back of severe winter weather and greater demand for highway de-icing. Compass Minerals — a leading producer of minerals, including salt — reported that its highway de-icing business sold 4 million tons in the three months ended December 2013, well above the 2.3 million tons in the year-ago quarter. Eleven cities in the company’s primary North American highway de-icing service area reported 81 snow events during the period, compared with a 10-year average of 44.8 events. The same cities posted only 36 snow events in the fourth quarter of 2012.

Shares of Alderon Iron Ore rose 9.6% to US$1.70 apiece after the government of Newfoundland and Labrador released the company from the provincial-environmental assessment (EA) process for its Kami iron-ore project in western Labrador. The Kami project is still waiting for federal EA approvals, which Alderon expects in February. The project also requires approval from the provincial government to expand transmission capacity from Churchill Falls to Labrador West. Alderon owns 75% of the project and China’s largest steel producer, Hebei Iron & Steel Group Co., owns the remaining 25%. Production from Kami is expected to start in late 2015.

Agrium’s shares advanced US84¢ to US$91.56. The company has reviewed its Agrium Advanced Technologies business unit and will transition to wholesale and retail by March 2014.

Stronger gold prices, which ended the week US$10 per oz., or 0.86% higher than when the week started, helped lift gold stocks on no other news, including Royal Gold, up US$1.88 to US$50.93 per share; Central Gold Trust, up US74¢ to US$44.15; and Franco-Nevada, up US57¢ to US$42.08. 

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