Narrow gains for traders

TORONTO STOCK EXCHANGE

Metal and oil prices rose over the June 14-20 period, pushing the U.S. stock market higher. The S&P 500 index was up by 1%, or 15.3 points, and closed at 1,216.10. The Dow Jones industrial average closed 86.5 points higher at 10,609.10.

Alcoa led the volume traders at 21.4 million shares, gaining US60 to close at US$28. The company announced it had purchased Shanghai Light Industrial Equipment’s 40% interest in Alcoa (Shanghai) Aluminum to become sole owner of the company, which produces foil products, primarily for packaging applications in China.

More law firms have jumped on the class action Newmont Mining security-fraud bandwagon, but shareholders don’t seem to be reacting negatively. More than 18 million shares were traded and the stock rose US81 to close at US$39.34.

Brazilian-based CVRD has added US$2.44 per share to its value, to close at US$30.45 on a volume of 14 million. The company recouped its value following allegations of bribery against Brazil’s ruling political party, which sent the market reeling.

Higher metal prices appear to have buoyed Phelps Dodge. More than 13 million shares exchanged hands and the stock closed up US$3.60 at US$95.45.

Class action suits have been filed against DRDGOLD, alleging investors were misled about the company’s South African operations. Rougly 8 million shares were traded, though the stock rose in value by US10 per share to US$1.16.

Andresmin Gold took a hit, falling 36% to US16 on a volume of 3 million shares. The company is halfway through a drill program on the Winicocha property in Peru.

The uranium spot price increased, and so did the share price of over-the-counter trader Uranium Resources. The stock shot up 14.5% to US 55 on a volume of 1.5 million shares.