U.S. equities slip, Feb. 17-21

Economic indicators in the U.S. were mixed, with the dollar falling at the start of the week to its lowest level since January and data mid-week showing housing starts in January posted their largest drop in three years, while U.S. factory activity picked up speed. A policy-setting meeting at the U.S. Federal Reserve indicated that staged cuts to the central bank’s bond-buying stimulus would continue. The Dow Jones Industrial Average slipped 0.3% to 16, 103.30 and the S&P 500 lost 0.1% to finish the week at 1,836.25. The Philadelphia Gold & Silver Index climbed 0.9% to 102.88 and the New York spot price for gold ended the week at US$1,326.10 per oz., US$7 per oz. higher than when it began.

BHP Billiton posted the largest gain of the week, jumping US$2.32 per share to US$70.64. The company released financial results for the six months ended Dec. 31, 2013, that showed underlying earnings before interest and taxes increased by 15% to US$12.4 billion and underlying attributable profit jumped by 31% to US$7.8 billion. In addition, a 65% increase in net operating cash flow and a 25% reduction in cash outflows from investing activities led to a US$7.8 billion rise in free cash flow.

Shares of Agrium advanced US$2.27 per share to US$90.53. The company reported consolidated net earnings from continuing operations in the fourth quarter of 2013 reached $110 million, or 74¢ per share, compared with $358 million, or $2.37 per share in the fourth quarter of 2012. Adjusted net earnings after one-offs came in at $126 million, or 87¢ per share. Strong results for its retail division helped generate $1.2 billion in cash flow from operations during the quarter.

Newmont Mining’s shares fell US45¢ to US$23.38 in the wake of fourth-quarter results showing revenue of US$2.2 billion compared with US$2.5 billion in the fourth quarter of 2012. Lower realized prices for gold and copper stung the company’s bottom line with the company reporting a net loss from continuing operations attributable to shareholders of US$2.5 billion, or US$5.06 per basic share, compared with net income from continuing operations of US$1.9 billion, or US$3.80 per share in 2012.

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