U.S. markets, May 13-17

U.S. markets continued their upward march, marking their fourth straight week of gains. The Dow Jones Industrial Average advanced 235.91 points, or 1.56%, to close the week at 15,354.40, while the S&P 500 Index rose 33.77 points, or 2.07%, to 1,667.47. The Nasdaq Composite Index advanced 62.39 points, or 1.82%, to 3,498.97. At press time for the month of May, the Dow has risen 4.34%, the S&P 500 Index 5.13% and Nasdaq 5.80%.

The Philadelphia Gold and Silver Index fell 11.03 points, or 10.16%, to finish at 97.49.

Freeport-McMoRan Copper & Gold was the third most actively traded stock of the week with 83.9 million shares changing hands, advancing US13¢ per share to end the week at US$32.68. The world’s largest publicly traded copper company says the death toll has climbed to 28 at its vast Grasberg open-pit and underground mining operation, where the roof of an underground training facility collapsed on May 14.  Ten miners were rescued.

Cameco got a lift after announcing that its North Butte in-situ uranium mine in Campbell County, Wyo., started production. North Butte is a satellite facility to the company’s Smith Ranch-Highland in-situ mine in Converse County, Wyo. Uranium-bearing resin from North Butte will be processed at an existing plant at Smith Ranch-Highland. North Butte is expected to contribute 300,000 lb. uranium concentrate this year and ramp-up to a target annual production rate of more than 700,000 lb. per year by 2015. Cameco rose US35¢ during the trading week to close at US$21.25.

Potash Corp. of Saskatchewan gained US28¢ to US$43.59 per share. The company’s board of directors approved an increase of its quarterly cash dividend to 35¢ per share from 28¢ on May 15, bringing the cumulative dividend hike to 950% in just over two years.

Shares of Allied Nevada Gold fell 26.5%, or US$2.52 per share, to US$6.97. On May 17 the company announced it had closed a previously announced bought-deal financing, issuing 14 million common shares at US$10.75 per share, and raising gross proceeds of US$150.5 million. The company plans to use the money for capital expenditures at its Hycroft mine and general corporate purposes.

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