U. S. Markets September 2-8

U. S. stock indices were down during the Sept. 2-8 trading session on indications of a slowdown in the nation. The Dow Jones Industrial Average lost 33 points, or 0.2%, to 11,511; the S&P 500 Index fell 15 points, or 1.1%, to 1,268; and the Nasdaq dropped 98 points, or 4.1%, to 2,270. The losses could have been worse, but were mitigated by an announcement from the U. S. Treasury of measures to stabilize mortgage lenders Fannie Mae and Freddie Mac. The announcement calmed investors’ nerves, because it meant that mortgages would be available to homebuyers, helping to stabilize the residential real estate market stateside.

Gold equities fallen harder than the broad market, crashing on the back of a continued drop in the price of the yellow metal as the U. S. dollar gathered strength. The Amex Gold Bugs Index fell 57.5 points, or 16.7%, to 286.5, while the Philadelphia Gold and Silver Index lost 25 points, or 16.7%, to 124.

Looking at investor sentiment, National Bank economist Stfane Marion says that U. S. retail investors continue to move large sums into money markets. In e-mailed comments, Marion pointed to figures that show inflows into money market mutual funds surged US$79 billion in July, bringing the cumulative inflow to US$775 billion over the last year. Money market funds now hold US$3.6 trillion, or 31% of the US$11.6 trillion held in mutual funds, the highest proportion since the U. S. fell into recession in 2001. Marion says uncertainty still dominates the marketplace, and that more funds could flow into money market instruments. That being said, “… the fire power that could potentially be redeployed in the coming quarters is considerable.”

The coal sector fell on weakening U. S. economic fundamentals and fears that the growth rate in China will drop next year. Coal major Peabody Energy lost US$13.03 to US$49.92, while fellow heavyweight Arch Coal fell US$16.49 to US$37.75.

The base metal sector also dropped, with copper major Freeport-McMoRan Copper & Gold losing US$17.26 to US$72.06, and aluminum miner Alcoa falling US$4.59 to US$27.54.

The potash/fertilizer sector lost ground, led by heavyweight Potash Corp. of Saskatchewan, which moved down US$20.27 to US$153.33. Mosaic Co. and Intrepid Potash also fell.

The uranium sector pulled back, led by Cameco, which lost US$4.28 to US$25.80. Mid-tier producer Denison Mines dropped US$1.20 to US$4.50.

U. S. most active issues

VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Vale* RIO 192167 26.28 22.23 22.73 -3.82
Freeport McMo*FCX 98377 84.83 69.25 72.06 -17.26
PotashCSask* POT 84456167.65 145.76 153.33 -20.27
Alcoa* AA 83459 32.00 27.12 27.54 -4.59
Quest M&M* QMNM75671 0.01 0.01 0.01 0.00
Peabody Enrgy* BTU 71687 60.43 48.55 49.92 -13.03
Arch Coal* ACI 66534 51.69 37.42 37.75 -16.49
CoeurdAlene*CDE 64762 1.80 1.55 1.56 -0.23
Barrick Gold* ABX 62438 33.30 29.38 29.41 -5.32
Goldcorp* GG 59297 32.27 27.50 27.59 -6.34

U. S. greatest percentage change

VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Gold Coast Mg* GCMG 18 0.05 0.02 0.05 +400.0
Global Gold* GBGD 288 0.12 0.10 0.12 + 71.4
Apolo Gold* APLL 119 0.03 0.02 0.03 + 50.0
Zoro Mng* ZORO 10 0.33 0.30 0.33 + 50.0
Evolving Gold* EVOGF 76 0.48 0.38 0.44 + 15.7
Tornado Gold* TOGI 250 0.08 0.06 0.08 + 14.2
NWT Uranium* NWURF 117 0.11 0.08 0.09 + 12.5
Cabot Corp* CBT 3979 31.45 27.68 31.02 + 12.1
Uranium Res* URRE 15441 3.69 2.16 2.52 + 9.5
Sterling Mini* SRLM 2597 0.52 0.12 0.19 -65.4
Aurelio Res* AULO 357 0.10 0.05 0.05 -50.0
Banro Res* BAA 196 3.48 1.88 1.89 -46.3
Campbell Res* CBLRF 1435 0.06 0.05 0.05 -37.5
Bullion Rvr G* BLRV 322 0.06 0.04 0.05 -37.5
Samex Mng* SMXMF 289 0.26 0.17 0.17 -37.0
Commerce Grp* CGCO 105 0.11 0.07 0.09 -35.7
Patriot Coal* PCX 3160 55.95 39.03 40.28 -32.8
Tanz Roy Exp* TRE 3126 3.94 2.62 2.75 -31.7
Kimber Res* KBX 603 1.20 0.80 0.82 -31.0

U. S. greatest value change

WEEK
VOLUME CLOSE CHANGE
Cabot Corp* CBT 3978905 31.02 + 3.35
Uranium Res* URRE 15441492 2.52 + 0.22
Zoro Mng* ZORO 10000 0.33 + 0.11
Evolving Gold* EVOGF 75700 0.44 + 0.06
Global Gold* GBGD 288255 0.12 + 0.05
Gold Coast Mg* GCMG 18179 0.05 + 0.04
Apolo Gold* APLL 119230 0.03 + 0.01
NWT Uranium* NWURF 117300 0.09 + 0.01
Tornado Gold* TOGI 249913 0.08 + 0.01
Rio Tinto* RTP 2987290 313.87 -63.13
Alpha Nat Res* ANR 23033497 73.50 -25.60
Cleveland-Cli* CLF 24223447 76.85 -24.37
Potash C
Sask* POT
84456232 153.33 -20.27
Patriot Coal* PCX 3159500 40.28 -19.68
Mosaic* MOS 49872242 87.39 -19.35
Massey Energy* MEE 35903447 48.25 -17.71
Freeport McMo* FCX 98376966 72.06 -17.26
Arch Coal* ACI 66533542 37.75 -16.49
CONSOL Energy* CNX 38570094 53.08 -14.63
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