US markets

The Dow Jones Industrial Average surpassed the 13,000 level for the first time since early May, rallying 253 points to end the week up 2% at 13,075.66.

This upward trend was seen in other major indexes during the period. The S&P 500 Index gained 23 points, or 1.7% to close at 1,385.97, and the Nasdaq Composite Index rose 32 points, or 1.1% to 2,958.09. The gold spot price rose US$39.60 per oz. to end at US$1,623.60.

During the week investors speculated that the European Central Bank would buy bonds to ease borrowing costs, and took in the economic data coming from the U.S. In second-quarter 2012 the U.S. economy slowed to a tepid 1.5%. While slightly better than expected, this is below the first quarter’s 2% rate.

A report shows consumer sentiment in July fell to its lowest level since last December. Thomson Reuters’ and University of Michigan’s final reading on the overall index on consumer sentiment sank to 72.3 from 73.2 in June.

Arch Coal advanced 26% to US$6.80 per share after reporting mixed second-quarter results. The coal producer saw a net loss of US$436 million, or US$2.05 per diluted share. Its adjusted net loss was US$22 million, or US10¢ per diluted share, down from the profit of US$76.6 million, or US44¢ per diluted share a year ago. However, for the six months ended June 30, revenues increased 13% to US$2.1 billion. Year-to-date export volumes more than doubled to 7 million tons despite an 8% year-over-year drop in first-half sale volumes. Arch Coal was also the third most traded stock of the week, with 83 million shares traded.

Following an updated resource and reserves estimate at its 60%-owned Bisha mine in Eritrea, Nevsun Resources jumped 21% to US$3.74 per share. Total contained copper and zinc reserves grew 6% and 38%, respectively.

The week’s largest value gainer was Randgold Resources, adding US$5.39 per share to end at US$91.35. The company says it has started open-pit mining at the sizeable Kibali gold project in the Democratic Republic of the Congo. First production is expected in late 2013.

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