It was a modest bounce-back, but stock markets in the United States rose slightly in the holiday-shortened trading period May 23-26. The Standard & Poor’s 500 index rose 18.09 points to 1,280.16, a gain of 1.4% in the four trading days.
Gold prices were still falling, but more gently, and the gold equities had been thrashed so soundly that they had little downside left. Bargain-hunters were in the market to bid prices up: Minas Buenaventura was US$1.69 higher at US$26.42, Harmony Gold Mining US95 higher at US$14.24, and Gold Fields US73 higher at US$21.28. Newmont Mining, the most actively traded of the big golds with almost 26 million shares moving, improved US$1.46 to close at US$52.30, and AngloGold Ashanti picked up US4 to finish at US$47.14.
The big gainer among the golds was Lihir Gold, sometimes seen as a takeover candidate, which gained US$5.78 to finish at US$45.35. Coeur d’Alene Mines traded 22 million shares on the way to a close of US$4.75, up US4.
The only one of the U.S. miners to hit a new 52-week high was Canyon Resources, which touched US$1.43. Its price is on a modest upswing after the company announced positive exploration results from its Briggs mine in inland California mid-month, though its other issue — the long-running soap opera over Montana’s prohibition of cyanide leaching, which fell heavily on Canyon’s projects — is no closer to a solution.
Base metal equities were also looking better during the period, following strength in the base metal markets after recent corrections. Copper prices were back to near-record levels, bringing the copper-sensitive producers along with them. Phelps Dodge, with 23 million shares changing hands, was up US$8.77 at US$88.26, Freeport-McMoRan Copper & Gold rose US$2.42 to US$56.69 on a volume of 18 million shares, and Southern Peru Copper added US$6.69 to finish at US$88.59.
Rio Tinto put on the best performance of the Big Three, soaring US$22.90 to US$227.90. Companhia Vale do Rio Doce was actively traded, rising US$2.87 to US$48.63 on 23 million shares.
U.S. greatest percentage change
VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
Aurizon Mines* | AZK | 1778 | 2.93 | 2.60 | 2.91 | +38.5 |
Tara Gold* | TRGD | 2010 | 0.55 | 0.32 | 0.45 | +36.7 |
Uranerz Engy* | URNZ | 109 | 2.60 | 2.00 | 2.58 | +31.6 |
World Vent* | WVNTF | 77 | 0.30 | 0.25 | 0.30 | +25.0 |
Polymet Mng* | POMGF | 1247 | 3.90 | 3.18 | 3.83 | +23.9 |
Coral Gold* | CGREF | 39 | 3.89 | 3.07 | 3.89 | +21.5 |
Canyon Res* | CAU | 1260 | 1.43 | 1.11 | 1.34 | +18.5 |
Northern Dyn* | NAK | 467 | 8.28 | 7.29 | 8.28 | +17.9 |
Metallica Res* | MRB | 432 | 3.34 | 2.64 | 3.27 | +17.6 |
Newgold* | NGLD | 309 | 0.28 | 0.25 | 0.27 | +17.3 |
UNICO Inc* | UNCN | 805636 | 0.003 | 0.002 | 0.002 | -33.3 |
Campbell Res* | CBLRF | 430 | 0.199 | 0.165 | 0.17 | -17.0 |
Commerce Grp* | CGCO | 48 | 0.14 | 0.125 | 0.125 | -16.6 |
Little Squaw* | LITS | 437 | 1.23 | 0.93 | 1.03 | -14.1 |
Entree Gold* | EGI | 208 | 1.55 | 1.25 | 1.28 | -14.0 |
Silverado* | SLGLF | 15726 | 0.122 | 0.101 | 0.103 | -13.4 |
Puda Coal* | PUDC | 52 | 4.50 | 3.90 | 3.95 | -12.0 |
Shoshone Silv* | SHSH | 132 | 0.26 | 0.20 | 0.22 | -12.0 |
Canarc Res* | CRCUF | 505 | 0.61 | 0.53 | 0.54 | -10.0 |
Contintl Mnls* | KMKCF | 526 | 1.90 | 1.55 | 1.72 | -9.4 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | ||
Rio Tinto* | RTP | 1797800 | 227.90 | +22.90 |
Phelps Dodge* | PD | 23246100 | 88.26 | +8.77 |
Peabody Enrgy* | BTU | 19184400 | 60.95 | +6.85 |
Southern Peru* | PCU | 5285100 | 88.59 | +6.69 |
CONSOL Energy* | CNX | 5601500 | 87.80 | +6.29 |
Lihir Gold* | LIHRY | 260897 | 45.35 | +5.78 |
Inco Ltd* | N | 8314200 | 65.29 | +5.29 |
Alcan* | AL | 8586700 | 50.96 | +4.11 |
Cameco Corp* | CCJ | 6982700 | 41.91 | +4.03 |
Glamis Gold* | GLG | 7676000 | 37.70 | +3.94 |
Puda Coal* | PUDC | 51804 | 3.95 | -0.54 |
Mosaic* | MOS | 2117300 | 15.82 | -0.46 |
US Energy* | USEG | 811385 | 4.62 | -0.38 |
Gammon Lk Res* | GRS | 538200 | 12.82 | -0.26 |
Entree Gold* | EGI | 208000 | 1.28 | -0.21 |
Intl Coal Gp* | ICO | 2433700 | 9.04 | -0.21 |
Global Gold* | GBGD | 139770 | 2.00 | -0.20 |
Corriente Rs* | ETQ | 342900 | 4.65 | -0.20 |
StreetTr Gold* | GLD | 7654900 | 65.10 | -0.20 |
Contintl Mnls* | KMKCF | 526380 | 1.72 | -0.18 |
U.S. most active issues
VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
UNICO Inc* | UNCN | 805636 | 0.003 | 0.002 | 0.002 | -0.001 |
AuGrid* | AUGC | 39631 | 0.00 | 1.0E8 | 0.00 | 0.00 |
Newmont Mng* | NEM | 25818 | 52.94 | 48.39 | 52.30 | +1.46 |
Phelps Dodge* | PD | 23246 | 88.75 | 79.20 | 88.26 | +8.77 |
CVRD* | RIO | 22723 | 49.25 | 42.12 | 48.63 | +2.87 |
Coeur d Alene* | CDE | 22386 | 5.02 | 4.41 | 4.75 | +0.04 |
Goldspring* | GSPG | 22046 | 0.013 | 0.011 | 0.013 | 0.00 |
Alcoa* | AA | 20585 | 32.55 | 30.11 | 32.30 | +1.15 |
Peabody Enrgy* | BTU | 19184 | 61.85 | 52.61 | 60.95 | +6.85 |
Goldcorp* | GG | 18217 | 31.97 | 28.56 | 30.84 | +0.64 |
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