U.S. markets, Sept. 23-27

The major U.S. indexes slipped, with the Dow Jones Industrial Average retreating 192.85 points to 15,258.24, putting an end to three weeks of gains. The S&P 500 Index fell 18.16 points to 1,691.75; the Philadelphia Gold and Silver Index dipped 2 points to 93.74; and the spot price for gold dropped US$3.30 per oz. to US$1,328.90.

Barrick Gold was one of the most active stocks, with 67.6 million shares traded. The company says the Supreme Court of Chile upheld the environmental approval for its Pascua-Lama gold project on the Chile-Argentina border. The court requires Barrick to build an up-to-standard water-management system before restarting development in Chile, reiterating a lower court’s earlier ruling in a case filed against the project late last year. Barrick says it can complete the water-management system by the end of 2014. Shares slipped US8¢ to US$18.53.

Agrium was the biggest value loser, after saying its third-quarter results took a hit from weak nutrient prices and low sales in its wholesale operations. The Calgary-based fertilizer producer expects US$115 million in third-quarter wholesale earnings before interest and tax, which is US$200 million lower than the year-earlier period. Agrium says delays in customer demand could reduce phosphate and potash sales by 30% compared to a year ago. It forecasts a 20% drop in nitrogen volumes during the quarter. However, Agrium says retail earnings before interest and tax should be higher than a year ago and in line with the US$92 million achieved in the third quarter of 2011.

The miner increased its dividend by 50% to US75¢ per quarter, as it expects better long-term demand for crop nutrients. Despite this, Agrium lost US$4.32 per share to close at US$84.92.

The second-biggest value loser was Alliance Resource Partners, dropping US$2.27 to US$74.73. The company announced that its subsidiary, Excel Mining, would close the 36-year-old Pontiki coal mine in Kentucky this December and cut 142 jobs due to the weak coal demand. It says that Excel couldn’t sign new coal-sale agreements for the mine beyond its 2013 contracts.

U.S. most active issues

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