Stock markets in the United States bounced in a narrow range during the trading period June 20-26. The Dow Jones Industrial Average gained 103.17 points, finishing at 11,045.28, and the Standard & Poor’s 500 Index added 10.42 to finish at 1,250.56; both gains were less than 1% of value. While there had been general sentiment that the market was oversold, the return since the bottom on June 14 has been tentative.
Mining shares, which suffered more in the sell-off, also gained more back in the modest recovery. Only one of the major metal producers listed on New York saw its price fall during the period, copper producer Phelps Dodge, which slid US84 to US$76.23. PD announced it had been drawn into a US$56-million deal to merge with Inco and Falconbridge, and for the privilege of having their names stay on the letterhead, PD would pay a premium of 23% for Inco shares and Inco would bump its cash and share offer for Falconbridge.
The deal, announced on June 26, set off alarm bells, since the three companies are expected to take on about US$22 billion in debt. Fitch and Moody’s both put PD’s debt ratings under review, with Moody’s doing the same to Inco. Standard & Poor’s put a credit watch on PD, but a positive watch on Inco and Falco.
Elsewhere in the base metals, it was sweetness and light. Anglo American led the Big Four with a gain of US$1.55 to finish at US$19.55, an 8.6% rise; Companhia Vale do Rio Doce shares were up US$1.25 at US$22.30, BHP Billiton gained US$1.92 to US$40.53, and Rio Tinto, at US$203.67, was up US$6.81.
Gold prices started a slow climb out of their June 14 low, finishing the trading period with a price fix of US$583.50 in the London afternoon session. That was US$16.50 better than June 20, and the golds were mostly buoyant. As one measure of the group, Amex’s Gold Miners ETF was up US$3.03 to US$36.63. The South Africans showed some of the best form: AngloGold Ashanti rose US$3.39 to US$44.81, Gold Fields US$3.71 to US$20.99, Harmony Gold Mining US$2.36 to US$14.93, and DRDGold US18 to US$1.34.
Two mid-tiers also made strong gains, with Hecla Mining up US54 at US$4.81 and Randgold Resources up US$1.88 at US$19.85.
U.S. greatest percentage change
VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
Kerr McGee* | KMG | 38414 | 69.38 | 48.80 | 69.18 | +40.6 |
Commerce Grp* | CGCO | 52 | 0.14 | 0.09 | 0.14 | +40.0 |
Newgold* | NGLD | 1097 | 0.44 | 0.29 | 0.41 | +32.2 |
Gold Fields* | GFI | 11357 | 20.99 | 17.45 | 20.99 | +21.4 |
Petaquilla Mn* | PTQMF | 1391 | 2.587 | 2.01 | 2.55 | +21.4 |
CONSOL Energy* | CNX | 13848 | 44.72 | 36.25 | 44.51 | +20.3 |
Gammon Lk Res* | GRS | 820 | 13.20 | 10.56 | 12.47 | +19.2 |
Polymet Mng* | POMGF | 1553 | 2.95 | 2.51 | 2.92 | +19.1 |
Miramar Mng* | MNG | 1066 | 4.02 | 3.34 | 3.99 | +19.1 |
Harmony Gold* | HMY | 5704 | 14.95 | 12.58 | 14.93 | +18.7 |
Apolo Gold* | APLL | 576 | 0.105 | 0.07 | 0.075 | -27.8 |
Pine Valley M* | PVMCF | 947 | 0.98 | 0.71 | 0.73 | -21.5 |
Shoshone Silv* | SHSH | 64 | 0.21 | 0.17 | 0.17 | -19.0 |
Douglas Lk Ml* | DLKM | 58 | 1.90 | 1.25 | 1.55 | -18.4 |
Geocom Res* | GOCM | 197 | 0.35 | 0.25 | 0.28 | -17.6 |
Goldspring* | GSPG | 23843 | 0.012 | 0.009 | 0.01 | -16.6 |
Fischer-W Gld* | FWGO | 214 | 0.084 | 0.065 | 0.065 | -16.6 |
McKenzie Bay* | MKBY | 1409 | 0.41 | 0.25 | 0.335 | -16.2 |
Birch Mountn* | BMD | 1882 | 6.10 | 4.85 | 5.06 | -10.7 |
Crystallex In* | KRY | 3788 | 3.19 | 2.75 | 2.94 | -6.6 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | ||
Kerr McGee* | KMG | 38414100 | 69.18 | +19.99 |
Southern Peru* | PCU | 5699600 | 82.05 | +8.45 |
CONSOL Energy* | CNX | 13847900 | 44.51 | +7.51 |
Inco Ltd* | N | 11915500 | 64.21 | +7.37 |
Rio Tinto* | RTP | 1260300 | 203.67 | +6.81 |
Cleveland-Cli* | CLF | 2532000 | 71.65 | +6.80 |
Glamis Gold* | GLG | 6168500 | 35.72 | +4.77 |
Soc Quim&M Ch* | SQM | 110900 | 99.82 | +4.62 |
ASA (Bermuda)* | ASA | 409100 | 60.00 | +4.36 |
Agnico-Eagle* | AEM | 5583000 | 30.98 | +3.96 |
Phelps Dodge* | PD | 30293200 | 76.23 | -0.84 |
Birch Mountn* | BMD | 1881600 | 5.06 | -0.61 |
Douglas Lk Ml* | DLKM | 57500 | 1.55 | -0.35 |
Crystallex In* | KRY | 3787700 | 2.94 | -0.21 |
Pine Valley M* | PVMCF | 947058 | 0.73 | -0.20 |
Northern Dyn* | NAK | 384300 | 8.88 | -0.10 |
Rubicon Mnls* | RBY | 55100 | 1.22 | -0.07 |
Global Gold* | GBGD | 17650 | 1.65 | -0.07 |
McKenzie Bay* | MKBY | 1409217 | 0.335 | -0.065 |
Mountain Prov* | MDM | 50200 | 2.99 | -0.06 |
U.S. most active issues
VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
AuGrid* | AUGC | 45253 | 0.00 | 1.0E8 | 0.00 | 0.00 |
Kerr McGee* | KMG | 38414 | 69.38 | 48.80 | 69.18 | +19.99 |
Phelps Dodge* | PD | 30293 | 84.07 | 74.80 | 76.23 | -0.84 |
CVRD* | RIO | 24946 | 22.69 | 20.95 | 22.30 | +1.25 |
Goldspring* | GSPG | 23843 | 0.012 | 0.009 | 0.01 | -0.002 |
Newmont Mng* | NEM | 18621 | 50.94 | 49.05 | 50.34 | +1.18 |
Goldcorp* | GG | 17448 | 28.60 | 25.57 | 28.25 | +2.66 |
Peabody Enrgy* | BTU | 15965 | 52.39 | 48.13 | 51.05 | +1.54 |
Alcoa* | AA | 14735 | 30.96 | 29.06 | 30.63 | +1.53 |
Freeport McMo* | FCX | 14529 | 50.92 | 46.69 | 50.80 | +3.83 |
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