Stock markets in the United States eased off during the period Feb. 20-26, with the Standard & Poor’s 500 Index down 6.17 points, or 0.4%, at 1,449.37, and the Dow Jones Industrial Average off 1%. The Shanghai Flu hit on Feb. 27, hitting the S&P for a 3.5% loss and the Dow for 3.3% at presstime.
The resource stocks had a good trading period, with advancing stocks outnumbering declining ones 128 to 37. The base metals again outshone the golds: Rio Tinto led the big boys with a rise of US$9.80 to US$230.60, Anglo American added US$1.02 to close at US$25.91, and BHP Billiton picked up US99 to finish at US$46.75.
Nickel prices broke the US$20 barrier at last, rising US$3,085 per tonne (US$1.40 per lb.) to US$44,500 per tonne (US$20.18 per lb.). That put Companhia Vale do Rio Doce on a pedestal; the stock rose US99 to US$36.89, with a side trip to a 52-week high of US$38.05. Southern Copper was another stock reaching a 52-week high, this time US$76.50, with a close at US$72.67, up US$4.65.
The gold price jumped US$15 in the London fix during the period, finishing on Feb. 26 at US$685.75 per oz. Price strength rippled through the gold sector, particularly the unhedged companies; the Amex Gold Bugs Index was up 4.2% at 361.82 points, while the broader Philadelphia XAU climbed 3.2% to 147.75.
Gold Fields was the big gainer among the behemoths, rising US$1.23 to US$18.72, with Harmony Gold Mining up US81 at US$14.30, Newmont Mining up US80 at US$47.06, and AngloGold Ashanti up US38 at US$47.63.
Mid-tier Hecla Mining has been showing some of the best form lately, setting a 52-week high of US$8.66 and closing US$1.23 higher at US$8.53. Hecla’s annual financials were all rose-coloured: cash flow (US$61.5 million) beat the company’s best previous year by 70%, revenues (US$217 million) were 30% higher than any previous year, and earnings (US$69 million) were 20% higher than any previous year, reversing a 2005 loss of US$26 million.
Hecla also sold out of its 50% holding in the Hollister project in Nevada for US$45 million cash and US$15 million in stock from its joint-venture partner, Vancouver-based Great Basin Gold, which rose US39 to US$2.27.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Golden Eagle* | MYNG | 66880 | 0.036 | 0.014 | 0.03 | + | 130.7 |
Rubicon Mnls* | RBY | 3185 | 1.16 | 0.56 | 1.15 | + | 105.3 |
Pine Valley M* | PVMCF | 907 | 0.07 | 0.032 | 0.069 | + | 91.6 |
New Jersey Mg* | NJMC | 751 | 1.04 | 0.65 | 0.97 | + | 38.5 |
Cusac Gold Mn* | CUSIF | 1905 | 0.28 | 0.20 | 0.27 | + | 35.0 |
Uranerz Energ* | URZ | 5692 | 5.69 | 4.34 | 5.69 | + | 32.6 |
Alberta Star * | ASXSF | 5440 | 2.30 | 1.78 | 2.28 | + | 32.5 |
Cardero Res* | CDY | 834 | 2.10 | 1.53 | 2.079 | + | 30.7 |
Patriot Gold* | PGOL | 447 | 0.19 | 0.11 | 0.17 | + | 30.7 |
Pac Gold* | PCFG | 1066 | 0.25 | 0.18 | 0.248 | + | 30.5 |
Sao Luis Mng* | SAOL | 1992 | 0.46 | 0.27 | 0.33 | – | 19.5 |
Diamond Discv* | DMDD | 609 | 0.007 | 0.005 | 0.005 | – | 16.6 |
Equitable Mng* | EQBM | 16181 | 0.007 | 0.005 | 0.005 | – | 16.6 |
El Capitan Pr* | ECPN | 1478 | 1.03 | 0.75 | 0.87 | – | 16.3 |
Apollo Gold* | AGT | 10149 | 0.78 | 0.59 | 0.59 | – | 14.4 |
Liberty Star* | LBTS | 1530 | 0.98 | 0.75 | 0.82 | – | 13.2 |
Homeland Pr M* | HPMEF | 28 | 0.64 | 0.57 | 0.58 | – | 10.7 |
Queenstake Rs* | QEE | 6407 | 0.19 | 0.16 | 0.17 | – | 10.5 |
Mines Managem* | MGN | 580 | 6.22 | 5.50 | 5.56 | – | 10.4 |
Global Gold* | GBGD | 22 | 1.01 | 0.85 | 0.90 | – | 10.0 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | |||
Rio Tinto* | RTP | 2150683 | 230.60 | + | 9.80 |
Soc Quim&M Ch* | SQM | 281500 | 145.26 | + | 5.86 |
Yanzhou Coal* | YZC | 317857 | 53.01 | + | 5.77 |
Cleveland-Cli* | CLF | 3910354 | 60.58 | + | 4.76 |
Southern Peru* | PCU | 11752362 | 72.67 | + | 4.65 |
Freeport McMo* | FCX | 32310255 | 61.92 | + | 4.36 |
Potash C Sask* | POT | 4759045 | 165.01 | + | 4.28 |
Phelps Dodge* | PD | 12943640 | 127.57 | + | 3.57 |
Seabridge Gld* | SA | 1997631 | 16.73 | + | 3.331 |
Royal Gold* | RGLD | 2389280 | 35.31 | + | 3.23 |
Teck Comin B* | TCK | 1601650 | 73.77 | – | 1.87 |
Meridian Gold* | MDG | 5640495 | 29.46 | – | 1.40 |
Aber Diamond* | ABER | 136821 | 37.24 | – | 0.80 |
Buenaventura* | BVN | 2181214 | 29.01 | – | 0.75 |
Mines Managem* | MGN | 579865 | 5.56 | – | 0.65 |
Arizona Star* | AZS | 280600 | 12.09 | – | 0.36 |
Gold Reserve* | GRZ | 604956 | 4.86 | – | 0.25 |
El Capitan Pr* | ECPN | 1478138 | 0.87 | – | 0.17 |
APEX Silver* | SIL | 2807151 | 14.70 | – | 0.17 |
Idaho Gen Mn* | GMO | 620900 | 2.70 | – | 0.15 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Golden Eagle* | MYNG | 66880 | 0.036 | 0.014 | 0.03 | + | 0.017 |
Silverado* | SLGLF | 54622 | 0.143 | 0.103 | 0.133 | + | 0.031 |
Goldcorp* | GG | 43971 | 28.99 | 27.12 | 28.73 | + | 0.52 |
CVRD* | RIO | 42540 | 38.05 | 35.20 | 36.89 | + | 0.99 |
Coeur d Alene* | CDE | 40216 | 4.86 | 4.47 | 4.80 | + | 0.26 |
Newmont Mng* | NEM | 38541 | 48.33 | 45.50 | 47.06 | + | 0.80 |
StreetTr Gold* | GLD | 35809 | 68.29 | 65.00 | 68.10 | + | 1.74 |
Alcoa* | AA | 34462 | 35.56 | 34.17 | 35.36 | + | 0.58 |
Freeport McMo* | FCX | 32310 | 61.99 | 56.25 | 61.92 | + | 4.36 |
Barrick Gold* | ABX | 32 034 |
32.56 | 30.60 | 31.41 | + | 0.12 |
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