U. S. MARKETS – OCT 7-13

“Volatile” would be an understatement to describe the Oct 7-13 trading session. Early in the period, U. S. markets continued their steep falls from the previous week. Finance ministers from the G-7 industrialized countries met in Washington, and agreed to co-ordinate a series of steps to stabilize the banking system and unfreeze credit. The Federal Reserve cut the federal funds rate to 1.5% from 2%, followed by a US$250-billion plan by the U. S. Treasury to buy equity stakes in U. S. banks in order to shore up their balance sheets and kick-start moribund credit markets.

The decisive action seems to have finally restored investor confidence, leading to a jump in U. S. markets on Oct. 13. This has not saved market indices from posting losses for the trading session. The Dow Jones Industrial Average lost 568 points, or 5.7%, to 9,388; the S&P 500 dropped 54 points, or 5.1%, to 1,003; and the Nasdaq lost 19 points, or 1%, to 1,844. Precious metal indices declined slightly, with the Amex Gold Bugs Index losing 1 point, or 0.4%, to 251, and the Philadelphia Gold and Silver Index dropping 0.7 of a point, or 0.7%, to 104.5.

National Bank points to a number of indicators foreshadowing an economic slowdown. These include lower microchip sales, slowing global trade flows, rising U. S. unemployment, and falling U. S. retail sales. National Bank economist Stfane Marion says that U. S. gross domestic product will contract, slowing demand for Chinese exports, and weighing down on commodity prices.

Meanwhile, website MarketWatch reports a different view of Merrill Lynch analysts who say that all the money injections by central banks will be inflationary for commodities. Without giving a time scale, they project that gold will hit US$1,500 per oz., and oil will go to US$150 per barrel.

A number of mining stocks posted gains, including mega-miner Vale rising US$1.03 to US$15.49, and copper major Freeport-McMoRan Copper & Gold gaining US$2.16 to US$45.37.

U. S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Vale* RIO 378550 15.49 10.50 15.49 + 1.03
Alcoa* AA 188554 18.94 10.51 13.82 -4.29
Freeport McMo*FCX 155792 46.66 32.50 45.37 + 2.16
PotashCSask* POT 123185109.25 79.94 105.80 +18.89
Barrick Gold* ABX 117200 35.84 26.26 28.12 -1.89
Mosaic* MOS 114700 44.98 31.55 44.21 + 7.05
Goldcorp* GG 101453 31.02 23.75 24.70 + 0.05
Peabody Enrgy* BTU 83375 37.90 25.43 34.16 -0.95
Kinross Gold* KGC 67197 16.30 12.00 13.16 -0.34
U. S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Alberta Star * ASXSF 734 0.22 0.10 0.18 + 50.0
AmMex Gold* AMXG 127 0.04 0.01 0.03 + 50.0
Campbell Res* CBLRF 510 0.03 0.01 0.03 + 50.0
Paramount Gld* PZG 428 0.61 0.36 0.52 + 44.4
Uranium Star* URST 502 0.10 0.04 0.10 + 42.8
Tanz Roy Exp* TRE 2354 3.05 2.04 2.70 + 39.1
Fischer-W Gld* FWGO 35 0.04 0.03 0.04 + 33.3
Tombstone Exp* TMBXF 271 0.16 0.11 0.16 + 33.3
Harmony Gold* HMY 22266 10.81 7.88 10.03 + 29.5
Patriot Gold* PGOL 225 0.09 0.06 0.09 + 28.5
Raven Gold* RVNG 579 0.05 0.01 0.01 -66.6
Grandview Gld* GVGDF 109 0.14 0.08 0.08 -38.4
PlatinumGpM* PLG 15 1.23 0.78 0.80 -36.0
Silver Res* SLVV 77 0.28 0.14 0.18 -35.7
Uranium Res* URRE 5127 1.29 0.69 0.82 -34.9
Metalline Mng* MMG 33 0.65 0.43 0.43 -33.8
Commerce Grp* CGCO 67 0.08 0.01 0.04 -33.3
Buckingham Ex* BUKX 50 0.03 0.02 0.02 -33.3
Keegan Res* KGN 43 1.35 0.61 0.80 -30.4
Cream Mnrls* CRMXF 59 0.08 0.05 0.07 -30.0
U. S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Potash C Sask* POT 123185302 105.80 + 18.89
Mosaic* MOS 114700066 44.21 + 7.05
Alpha Nat Res* ANR 30708300 42.79 + 4.17
Agrium* AGU 9088800 43.29 + 3.90
Soc Quim&M Ch*SQM 9119288 21.75 + 3.75
Randgold Res* GOLD 8141106 36.76 + 3.30
AngloGold Ash* AU 16341068 20.32 + 2.96
Intrepid Pots* IPI 3184100 24.51 + 2.64
Harmony Gold* HMY 22266467 10.03 + 2.29
Royal Gold* RGLD 5487873 36.67 + 2.19
Alcoa* AA 188554297 13.82 -4.29
Agnico-Eagle* AEM 29203824 39.79 -4.03
Seabridge Gld* SA 2039341 10.18 -4.02
Newmont Mng* NEM 65398288 31.08 -3.32
Cabot Corp* CBT 5377772 26.07 -3.29
MDU Res* MDU 12636387 20.83 -2.93
Pan Am Silver* PAAS 14791556 14.30 -2.79
ASA (Bermuda)* ASA 554291 48.36 -2.08
Barrick Gold* ABX 117199863 28.12 -1.89
Mesabi Trust* MSB 815329 14.30 -1.70
Print

 

Republish this article

Be the first to comment on "U. S. MARKETS – OCT 7-13"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close