With consumer confidence falling to 9-month lows and summer winding to a close, trading activity on U.S. markets was relatively flat over the report period Aug. 22-28. The Standard & Poor’s 500 Index eked out a gain of 4.26 points to close at 1,301.78, with many resource stocks under downward pressure over the session.
Goldspring was the most active trader, albeit in below-penny-stock territory. The only news released by the company of late seems more focused on a legal battle with former insiders than with progress at the Plum gold project near Reno, Nev.
Among the senior players, Brazil’s Companhia Vale do Rio Doce (CVRD) lost US98 to close at US$21.28 after being rebuffed by Inco, which has urged its shareholders to support a merger with its partner of choice, Phelps Dodge. Not all shareholders of Phelps Dodge favour the multibillion-dollar deal, and the stock took an even bigger hit than CVRD and lost US$3.34 to US$87.82.
Precious metals companies enjoyed a good run over the past year, with some rain on that parade over the recent session. Gold and silver producer Coeur d’Alene Mines shed US30 to US$5.07. It doesn’t help that environmental groups are lobbying hard to stop construction of the company’s Kensington gold mine north of Juneau, Alaska.
On the gold front, senior producer Barrick Gold lost US43 to US$32.57, while rival Newmont Mining shed US$1.16 to close at US$51.39. Goldcorp also came under pressure and was off US76 to US$29.72.
The largest value gainer was Anglo American Platinum, which posted a hefty gain of US$7.50 to US$118.50. The company reported a 117% gain in net earnings for its latest quarter ended June 30, and record earnings for its 2006 first half. The improved performance was attributed to “ongoing robust demand” for platinum group metals at current prices. The company aims to produce between 2.7-2.8 million oz. of refined platinum this year.
OM Group was ahead US$1.06 to US$40.04 over the session, reflecting investor interest in the company’s unique position in the metals industry. OM Group is the world’s largest producer of cobalt-based specialty chemicals and a leading producer of nickel-based chemicals.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Lafayette Mng* | LYMGF | 88 | 0.07 | 0.07 | 0.07 | +75.0 |
Madison Minls* | MMRSF | 296 | 0.52 | 0.35 | 0.51 | +42.0 |
Colombia Gldf* | CGDF | 293 | 1.41 | 1.05 | 1.40 | +33.3 |
Newgold* | NGLD | 545 | 0.40 | 0.33 | 0.40 | +28.2 |
Commerce Grp* | CGCO | 46 | 0.11 | 0.09 | 0.10 | +25.0 |
New Jersey Mg* | NJMC | 140 | 0.70 | 0.51 | 0.65 | +25.0 |
Shoshone Silv* | SHSH | 128 | 0.29 | 0.20 | 0.255 | +15.9 |
Corriente Rs* | ETQ | 248 | 4.90 | 4.05 | 4.90 | +13.9 |
Samex Mng* | SMXMF | 495 | 1.003 | 0.855 | 0.96 | +13.0 |
Geocom Res* | GOCM | 197 | 0.29 | 0.20 | 0.28 | +12.0 |
McKenzie Bay* | MKBY | 660 | 0.17 | 0.091 | 0.138 | -18.8 |
Michigan Gold* | MGGV | 859 | 0.032 | 0.025 | 0.026 | -13.3 |
Cusac Gold Mn* | CUSIF | 475 | 0.26 | 0.225 | 0.226 | -13.0 |
Trend Mng* | TRDM | 770 | 0.13 | 0.10 | 0.105 | -12.5 |
Entree Gold* | EGI | 45 | 1.22 | 1.08 | 1.10 | -12.0 |
Equitable Mng* | EQBM | 5979 | 0.01 | 0.008 | 0.009 | -10.0 |
Apolo Gold* | APLL | 334 | 0.094 | 0.081 | 0.081 | -10.0 |
Gold Reserve* | GRZ | 248 | 4.76 | 4.33 | 4.33 | -9.2 |
Stillwater Mg* | SWC | 2094 | 10.02 | 9.03 | 9.05 | -8.9 |
Little Squaw* | LITS | 187 | 1.67 | 1.15 | 1.55 | -8.8 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | ||
Anglo Am Plat* | AGPPY | 10562 | 118.50 | +7.50 |
OM Group* | OMG | 2346300 | 40.04 | +1.06 |
Vista Gold* | VGZ | 449000 | 12.53 | +0.82 |
Corriente Rs* | ETQ | 247500 | 4.90 | +0.60 |
Cabot Corp* | CBT | 1226200 | 32.14 | +0.44 |
Fronteer Dev* | FRG | 1304600 | 5.64 | +0.41 |
Fording C C T* | FDG | 1684000 | 30.73 | +0.38 |
Colombia Gldf* | CGDF | 292532 | 1.40 | +0.35 |
Solitario Res* | XPL | 17700 | 3.22 | +0.22 |
Rio Narcea Gd* | RNO | 905000 | 2.52 | +0.17 |
Rio Tinto* | RTP | 879500 | 200.43 | -9.48 |
Teck Comin B* | TCK | 260000 | 68.38 | -4.31 |
AngloGold Ash* | AU | 2719900 | 46.38 | -3.70 |
Phelps Dodge* | PD | 10737400 | 87.82 | -3.34 |
Peabody Enrgy* | BTU | 9926300 | 45.19 | -2.79 |
Foundatn Coal* | FCL | 2232400 | 36.65 | -2.61 |
Arch Coal* | ACI | 6782800 | 34.26 | -2.29 |
Buenaventura* | BVN | 2206500 | 26.92 | -2.25 |
Agnico-Eagle* | AEM | 3612900 | 35.23 | -2.03 |
BHP Billi-BBL* | BBL | 292100 | 38.16 | -2.00 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Goldspring* | GSPG | 48100 | 0.007 | 0.005 | 0.006 | 0.00 |
CVRD* | RIO | 30442 | 22.35 | 20.49 | 21.28 | -0.98 |
Newmont Mng* | NEM | 14276 | 53.55 | 51.29 | 51.39 | -1.16 |
Alcoa* | AA | 13685 | 29.29 | 28.61 | 28.85 | +0.08 |
Silverado* | SLGLF | 12995 | 0.595 | 0.057 | 0.061 | +0.001 |
Barrick Gold* | ABX | 10875 | 34.09 | 32.41 | 32.57 | -0.43 |
Phelps Dodge* | PD | 10737 | 91.67 | 86.71 | 87.82 | -3.34 |
Peabody Enrgy* | BTU | 9926 | 48.20 | 44.90 | 45.19 | -2.79 |
Coeur d Alene* | CDE | 9217 | 5.58 | 5.04 | 5.07 | -0.30 |
Goldcorp* | GG | 8740 | 31.15 | 29.64 | 29.72 | -0.76 |
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