A sharp drop in the Shanghai stock market sent ripple effects across global equity markets, pushing the Dow Jones Industrial Average down 581.85 points to 12,050.41 during the Feb. 27-March 5 period.
Concerns about the state of the U.S. economy prompted the Dow Jones to post its biggest weekly percentage sell-off since March 2003.
The broader market Standard & Poor’s 500 Index was also down 75.25 points to 1,374.12.
All of the week’s volume leaders wound up in negative territory. Among them, Companhia Vale do Rio Doce fell US$5.04 to US$31.85 following Brazilian newspaper reports that the Brazilian mining giant may make an offer for Montreal-based aluminum producer Alcan.
Estado de S. Paulo did not cite any sources.
Speculation about aluminum company takeovers has been rampant recently. Two weeks ago, The Times of London reported that BHP Billiton and Rio Tinto were both planning US$40-billion bids for the American aluminum giant, Alcoa.
However, the latest round of speculation could not prevent Alcoa shares from falling US$3.63 to US$31.73 on news that the company will close its Reynolds Food Packaging plastics manufacturing plant in Mt. Vernon, Ky., by the middle of this year.
Rio Tinto fell US$26.92 to US$203.68.
Still, the news wasn’t all bad. Shares of Northern Orion rose US8 to US$4.31. Northern Orion has a 12.5% stake in the Alumbrera copper-gold mine in northwestern Argentina, where recent drilling added one more year to the project’s lifespan. The mine is now expected to stay in operation until at least mid-2016.
Northern Orion was gearing up to release its fourth-quarter and year-end results on March 8.
On the OTC board, Wealth Minerals also bucked the stock market trend, rising US2 to US$2.87. On Feb. 28, the Vancouver company said exploration has significantly expanded the identified uranium mineralization at its 100%-owned Diamante-Los Patos property in northwestern Argentina. While it’s early days, the property is said to have bulk-tonnage potential.
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
CVRD* | RIO | 84148 | 35.25 | 31.13 | 31.85 | -5.04 |
Alcoa* | AA | 74040 | 34.64 | 31.61 | 31.73 | -3.63 |
Goldcorp* | GG | 58045 | 28.23 | 24.55 | 24.55 | -4.18 |
StreetTr Gold* | GLD | 54470 | 68.33 | 62.62 | 62.93 | -5.17 |
Newmont Mng* | NEM | 52942 | 46.20 | 42.10 | 42.48 | -4.48 |
Freeport McMo* | FCX | 50861 | 59.96 | 52.51 | 53.09 | -8.83 |
Coeur d Alene* | CDE | 47719 | 4.72 | 4.00 | 4.11 | -0.69 |
Barrick Gold* | ABX | 43607 | 31.07 | 27.80 | 27.87 | -3.54 |
Gold Fields* | GFI | 34499 | 18.10 | 16.38 | 16.79 | -1.93 |
Golden Eagle* | MYNG | 33941 | 0.032 | 0.021 | 0.021 | -0.009 |
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Diamond Discv* | DMDD | 561 | 0.006 | 0.005 | 0.006 | +20.0 |
Halo Res* | HLOSF | 156 | 0.44 | 0.38 | 0.44 | +5.2 |
Geocom Res* | GOCM | 72 | 0.28 | 0.221 | 0.27 | +4.2 |
Cream Mnrls* | CRMXF | 44 | 0.41 | 0.361 | 0.41 | +2.5 |
Northern Orio* | NTO | 9094 | 4.62 | 4.00 | 4.31 | +1.8 |
US Antimony* | UAMY | 80 | 0.70 | 0.65 | 0.66 | +1.5 |
Wealth Minls* | WMLLF | 377 | 3.07 | 2.40 | 2.871 | +0.7 |
Madison Minls* | MMRSF | 178 | 0.68 | 0.531 | 0.68 | +0.2 |
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
Alberta Star * | ASXSF | 4312 | 2.30 | 1.527 | 1.55 | -32.0 |
Pine Valley M* | PVMCF | 897 | 0.077 | 0.047 | 0.047 | -31.8 |
Trend Mng* | TRDM | 1907 | 0.145 | 0.10 | 0.103 | -31.3 |
Golden Eagle* | MYNG | 33941 | 0.032 | 0.021 | 0.021 | -30.0 |
Uranerz Energ* | URZ | 4609 | 5.37 | 3.78 | 4.07 | -28.4 |
Patriot Gold* | PGOL | 172 | 0.155 | 0.115 | 0.13 | -23.5 |
Brookmount Ex* | BMXI | 35 | 0.18 | 0.13 | 0.13 | -23.5 |
Silverado* | SLGLF | 27799 | 0.132 | 0.101 | 0.102 | -23.3 |
Yanzhou Coal* | YZC | 580 | 49.00 | 41.44 | 41.50 | -21.7 |
Tara Gold* | TRGD | 2398 | 1.15 | 0.90 | 0.915 | -21.7 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | ||
Northern Orio* | NTO | 9093672 | 4.31 | +0.08 |
Halo Res* | HLOSF | 155600 | 0.44 | +0.022 |
Wealth Minls* | WMLLF | 377037 | 2.871 | +0.02 |
Geocom Res* | GOCM | 72249 | 0.27 | +0.011 |
Cream Mnrls* | CRMXF | 43800 | 0.41 | +0.01 |
US Antimony* | UAMY | 79768 | 0.66 | +0.01 |
Madison Minls* | MMRSF | 178005 | 0.68 | +0.002 |
Diamond Discv* | DMDD | 561120 | 0.006 | +0.001 |
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
Rio Tinto* | RTP | 2726920 | 203.68 | -26.92 |
Potash C Sask* | POT | 8449736 | 145.96 | -19.05 |
Soc Quim&M Ch* | SQM | 878953 | 128.91 | -16.35 |
Yanzhou Coal* | YZC | 579800 | 41.50 | -11.51 |
OM Group* | OMG | 3579310 | 42.90 | -9.58 |
Freeport McMo* | FCX | 50861411 | 53.09 | -8.83 |
Southern Peru* | PCU | 16687565 | 64.69 | -7.98 |
Teck Comin B* | TCK | 1872103 | 66.11 | -7.66 |
ASA (Bermuda)* | ASA | 436700 | 58.95 | -7.31 |
Cleveland-Cli* | CLF | 6798379 | 53.44 | -7.14 |
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