U.S. markets

Hope for more stimulus from the U.S. Federal Reserve after disappointing jobs data in August; the Chinese government announcing a US$150-billion infrastructure-building program; and news that the European Central Bank plans to buy more short-term debt all contributed to the best weekly performance the benchmark S&P 500 Index has had since June, and the Dow Jones Industrial Average’s best since July. The S&P climbed 2.2%, or 31.34 points, to finish at 1,437.92, while the Dow rose 1.7%, or 215.8 points, to 13,306.64. The Philadelphia Gold and Silver Index rose 5.5%, or 9.4 points, to 179.28.

Reports from China’s state-owned news agency Xinhua that Beijing plans to pump funds into infrastructure sent shares of  copper major Freeport McMoRan Copper & Gold up US$3.32 to US$39.43. The 55 new investments include rail and road construction, sewage treatment, power stations, wind farms and waste incinerators. Freeport ended the week the second most actively traded stock, with more than 85 million shares changing hands.

Shares of Petaquilla Minerals surged 74.5% to 64¢ — the highest gain of the week — after Inmet Mining’s $112-million offer comprising 48¢ in cash, or 0.0109 Inmet shares for each Petaquilla common share, in a deal with a 37% premium to Petaquilla’s closing share price on Sept. 5, and a 30% premium to its 20-day volume-weighted average price. Petaquilla operates the Molejon open-pit mine, 130 km west of Panama City.

Rio Tinto advanced US$4.81 to US$48.64 after acquiring BHP Billiton’s interest in Richards Bay Minerals — a South African mineral sands mining and smelting operation, and the leading producer of chloride titanium dioxide feedstock. Earlier in the week Rio Tinto reported selling the North American portion of its Alcan Cable business to General Cable for $151 million in cash.

Peabody Energy gained US$2.08 to US$23.71 after announcing it would close its Air Quality mine in Vincennes, Ind., due to soft market conditions that have made the operation uneconomic. The coal miner also confirmed separately that sale talks for its Wilkie Creek mine in Queensland, Australia, remain underway with interested parties.

U.S most active issues

U.S greatest percentage change

U.S greatest value change