U. S. MARKETS – NOVEMBER 11-17

Indexes were down across the board during the Nov. 11-17 trading session. The Dow Jones Industrial Average fell 5.1% or 420.38 points to 8,273.58, while the S&P 500 Index dropped 48.2 points, or 5.7%, to close the session at 850.75. The Nasdaq lost 6.7% or 98.85 points to end at 1,482.05.

Even gold indices were down. The Amex Gold Bugs Index slid 16.44 points, or 9.1%, to 180.55 points, while the Philadelphia Gold and Silver Index slid 9.6%, or 7.32 points, to close the session at 76.3. Barrick Gold was down US$3.83 to US$21.15 per share, while Goldcorp fell US$3.30 to US$19.66, and Kinross Gold lost US$1.43 to close the session at US$12.17.

But the big news was Apex Silver Mines’ announcement that it was selling its stake in the massive San Cristobal zinc and silver mine in Bolivia to Sumitomo of Japan for US$22.5 million. Apex’s shares crashed 50.3% over the trading session to 71 apiece.

Shares of diversified miner Teck, meanwhile, were also pummelled. Teck Class B shares closed the trading session at US$5.32 apiece, down US$3.86. It wasn’t that long ago — Sept. 1 — that Teck was trading at US$41.57 per share. The mining giant’s stock has tanked on fears that it won’t be able to pay off a $5.8-billion bridge loan to finance its $14-million acquisition in July of Fording Canadian Coal Trust.

Freeport-McMoRan Copper & Gold lost US$4.32 to close at US$23.14 after more bad news on molybdenum prices. On Nov. 10, the Arizona-based company said that the sharp downturn in metal prices means it will cut production at its Henderson underground molybdenum mine and defer the restart of its Climax molybdenum mine, both in Colorado.

Molybdenum prices averaged US$30 per lb. in 2007 and US$33 per lb. in the nine months to Sept 30. But at presstime, the metal was trading at about US$9.50 per lb.

Finally, and unlike the previous Nov. 4-10 trading session when fertilizer makers recovered some of their losses, their shares fell this time around. Potash Corp. of Saskatchewan plummeted US$12.48 per share to close at US$69.15, while Mosaic Co. was off US$4.99 to US$31.57 apiece.

U. S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Vale* RIO 176940 13.00 10.55 11.32 -1.70
Alcoa* AA 121023 11.83 9.50 9.67 -2.11
Freeport McMo*FCX 112588 26.50 21.50 23.14 -4.32
PotashCSask*POT 87811 81.81 67.12 69.15 -12.48
Goldcorp* GG 72228 23.72 17.73 19.66 -3.30
Barrick Gold* ABX 67545 24.54 19.11 21.15 -3.83
Kinross Gold* KGC 66391 14.19 10.61 12.17 -1.43
Peabody Enrgy* BTU 50958 30.50 25.00 26.14 -5.57
Mosaic* MOS 50219 35.78 29.06 31.57 -4.99
Teck B* TCK 45973 9.10 4.67 5.32 -3.86
U. S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Silver Res* SLVV 186 0.18 0.10 0.18 +125.0
Zoro Mng* ZORO 37 0.06 0.04 0.06 +100.0
Uranium Star* URST 863 0.10 0.05 0.09 + 80.0
Beeston Ent* BESE 709 0.05 0.02 0.05 + 66.6
Madison Minls* MMRSF 36 0.14 0.05 0.09 + 50.0
PlatinumGpM* PLG 31 1.10 0.73 1.10 + 39.2
Industrl Mnls* IDSM 191 0.04 0.03 0.04 + 33.3
Tanz Roy Exp* TRE 915 2.55 2.01 2.55 + 12.8
Pac Rim Minin* PMU 922 0.11 0.08 0.09 + 12.5
Geovic Mng* GVCM 1136 0.74 0.59 0.74 + 12.1
Colombia Gldf* CGDF 8868 0.04 0.01 0.01 -75.0
Tornado Gold* TOGI 62 0.02 0.01 0.01 -66.6
Starfield Res* SRFDF 384 0.19 0.12 0.12 -52.0
APEX Silver* SIL 8693 1.18 0.45 0.71 -50.3
Apolo Gold* APLL 682 0.02 0.01 0.01 -50.0
Global Gold* GBGD 246 0.30 0.15 0.15 -50.0
Golden Phoen* GPXM 5518 0.02 0.01 0.01 -50.0
Claude Res* CGR 1270 0.29 0.12 0.15 -44.4
Alumina Inc* AWC 1682 5.59 3.19 3.31 -44.1
Cornerstone C* CTNXF 193 0.05 0.03 0.04 -42.8
U. S. greatest value change
WEEK
VOLUME CLOSE CHANGE
MDU Res* MDU 7826724 19.28 + 0.60
Westmoreland* WLB 251374 8.39 + 0.59
PlatinumGpM* PLG 31200 1.10 + 0.31
Tanz Roy Exp* TRE 914972 2.55 + 0.29
Silver Res* SLVV 186109 0.18 + 0.10
Intl Tower Hi* THM 118465 1.35 + 0.10
Geovic Mng* GVCM 1136492 0.74 + 0.08
Allied Nevada* ANV 127000 2.59 + 0.04
Uranium Star* URST 863410 0.09 + 0.04
Madison Minls* MMRSF 35850 0.09 + 0.03
Rio Tinto* RTP 3041384 146.75 -25.49
Potash C Sask* POT 87811302 69.15 -12.48
BHP Billi-BHP* BHP 32365818 31.65 -8.04
BHP Billi-BBL* BBL 6273975 26.38 -8.01
OM Group* OMG 4698098 15.71 -7.19
Agrium* AGU 4969400 31.01 -6.52
Cleveland-Cli* CLF 30996592 19.65 -6.29
Peabody Enrgy* BTU 50958129 26.14 -5.57
Mosaic* MOS 50219010 31.57 -4.99
Randgold Res* GOLD 5489605 27.85 -4.52
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