Resource companies enjoyed a balmy bounce over the Aug. 30-Sept. 2 report period, with energy and coal companies catching the biggest uplift. The broad-based S&P 500 Index climbed 5.74 points to close at 1,218.02 before the long Labor Day weekend, fuelled by hope that the U.S. economy and entrepreneurial spirit are strong enough to survive one of the worst natural disasters in recent history.
Aluminum producer Alcoa was once again the most active trader over the session, but once again its shares lost ground, this time off US56 at US$26.92.
Gold producers all rebounded nicely, led by Newmont Mining, the most active gold stock on U.S. markets in recent weeks. The company’s shares gained US$1.52 at US$40.71.
Even silver producer Coeur d’Alene Mines recouped some ground lost last week, for a US22-gain to US$3.72 over the session.
Fording Canadian Coal Trust was the biggest value gainer, up US$7.70 at US$124.20 as investors digested the company’s bullish growth prospects.
Copper giant Phelps Dodge also regained ground lost the previous week. The company’s shares jumped US$4.62 to US$110.88, which is still five bucks shy of its recent 52-week high. Diversified miner Rio Tinto has attracted strong investor attention for much of the summer, and the past trading session was no exception. The company’s shares gained US$4.51 to close at US$146.88.
Saskatchewan uranium producer Cameco posted a healthy gain of US$4.28 to reach US$50.70, no doubt based on the quality of its mining and exploration assets.
On the junior scene, Peru Copper climbed US22 to US$1.47 based on interest in the company’s Toromocho copper project in Peru. A prefeasibility study is under way at the project, to be followed by a feasibility study next year.
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