U.S. markets, July 22-26

Better-than-expected corporate earnings and optimism that the U.S. Federal Reserve would keep interest rates low propped up U.S. equities, and the Dow Jones Industrial Average edged up 15.09 points, or 0.10%, to finish the week at 15,558.83, while the S&P 500 Index slipped 0.44 point, or 0.03%, to 1,691.65 — the first time in five weeks that it did not post a gain. The Nasdaq Composite Index advanced 25.55 points, or 0.71%, to 3,613.16. The Philadelphia Gold & Silver Index rose 6.06 points, or 6.40%, to 100.88. The price of gold rose 2.9% to finish at US$1,333.80 per oz.

Alliance Resource Partners jumped US$3.44 to US$76 per share on strong second-quarter earnings and increased guidance for the year. The U.S. coal producer reported that net income rose 9% from the year-earlier quarter to US$104.1 million — or US$1.96 per basic and diluted unit — on revenues of US$553.6 million, which is up 4.5% year-on-year. Alliance expects to produce between 39.3 million and 39.6 million tons of coal in 2013.  

Shares of Randgold Resources climbed US$2.98 to US$73.31 after the gold major announced that its giant Kibali gold project in the Democratic Republic of the Congo advanced to pre-production and is on track to pour its first gold in October. The company reported that more than a million tonnes of ore from the open pit have already been stockpiled to feed the plant’s oxide circuit, which will begin commissioning in the coming weeks. Work on the underground mine is also progressing, and the company expects the vertical shaft to reach 183 metres by year-end.

Cliffs Natural Resources advanced US$1.94 to US$19.71. The company reported that it paid down debt by US$110 million in the second quarter and lowered SG&A and exploration expenses. Cliffs posted second-quarter net income attributable to common shareholders of US$133 million, or US82¢ per diluted share, compared with US$258 million, or US$1.81 per diluted share in the year-earlier quarter. Revenues fell 6% — or US$91 million year-on-year — to US$1.5 billion.    

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