U.S. Markets, Feb. 25 – Mar. 1

Equities were the destination for large capital flows south of the border, with the Dow Jones Industrial Average up 253 points to 14,253.77 points, the S&P 500 Index up 24 points to 1,539.79 and the Nasdaq Composite Index up 44 points to 3,224.13 points, as investors shunned the debt market’s low yields in favour of stocks.

But the enthusiasm for equity was tempered at the end of the period, owing to expected budget cuts in the U.S. and a cooling Chinese housing market.

Mining companies struggled despite gains in the broader market, but American coal producers felt the brunt of investor disfavour, with Peabody Energy dropping US$2.12 to US$20.56 and Alpha Natural Resources off 99¢ to US$7.68 for the period. The selling came as Central Appalachian Coal slipped to its lowest price since mid-February.

Potash was one mining sector that found some investor interest, and both Agrium, up $3.26 to $104.39, and Mosaic, up $1 to US$58.47, continued their recent strong runs. Because of last year’s poor crop yields, farmers are expected to plant more this year, and use more fertilizer.

Harry Winston Diamond shares also moved higher, climbing 68¢ to US$15.56. The company is selling its luxury retail unit to Swatch Group and plans to hike prices for its jewellery in Japan, as the government there devalues the currency. The yen hit a three-year low during the period, making import items like jewellery more expensive. Japan is second to the U.S. in terms of its market for luxury items, and accounts for roughly 12% of the company’s revenue. Harry Winston said the price increase would occur in late March.

Sociedad Quimica y Minera shrugged off disappointing quarterly results and an analyst downgrade, as its shares gained 62¢ to finish the period at US$55.40. The fertilizer and chemical company reported fourth-quarter earnings of US$141.8 million, which was down from the US$158.9 million it reported a year ago. Bank of America downgraded the company’s stock from “buy” to “neutral,” citing weaker potash prices going forward, and more competition on the lithium and iodine fronts.

U.S. most active issues

---

		Volume
Company	Symbol	(000s)	High	Low	Close	Change
Alcoa*	AA	106894	8.72	8.35	8.44	–	0.2
Freeport McMo*	FCX	67749	32.63	31.32	31.49	–	0.96
Alpha Nat Res*	ANR	61056	8.83	7.63	7.68	–	0.99
Barrick Gold*	ABX	58412	31.6	29.33	29.4	–	0.89
Arch Coal*	ACI	57776	5.67	4.89	4.9	–	0.6
Kinross Gold*	KGC	50670	7.97	7.58	7.67	–	0.01
Peabody Enrgy*	BTU	48355	22.91	20.33	20.56	–	2.12
Newmont Mng*	NEM	47078	41.72	39.56	39.62	–	1.2
Molycorp*	MCP	43381	6.78	5.6	5.81	–	0.82
Cliffs Nat Rs*	CLF	41608	27.06	25.1	25.25	–	1.22

U.S. greatest percentage change

---

		Volume
Company	Symbol	(000s)	High	Low	Close	Change
Timberline Rs*	TLR	1181	0.21	0.16	0.19	+	15.6
Tasman Mtls*	TAS	214	1.05	0.9	1	+	8.7
Platinum Gp M*	PLG	521	1.46	1.3	1.41	+	8.4
North Am Pall*	PAL	10967	1.6	1.37	1.45	+	6.6
Exeter Res*	XRA	115	1.2	1.12	1.2	+	5.2
Augusta Res*	AZC	66	2.68	2.51	2.66	+	5.1
SinoCoking Cl*	SCOK	153	1.17	1.05	1.15	+	4.5
Harry Winston*	HWD	549	15.69	14.54	15.56	+	4.5
New Gold*	NGD	14202	9.29	8.64	9.26	+	4
Mines Managem*	MGN	328	1.23	1.03	1.07	+	3.8
US Energy*	USEG	614	2.07	1.61	1.67	–	18.5
Entree Gold*	EGI	1142	0.5	0.39	0.41	–	18
Banro Res*	BAA	1467	2.59	2.11	2.14	–	14.7
Quaterra Res*	QMM	128	0.28	0.2	0.24	–	12.6
Molycorp*	MCP	43381	6.78	5.6	5.81	–	12.3
Lake Shore Gd*	LSG	1120	0.63	0.54	0.56	–	11.9
Cardero Res*	CDY	361	0.35	0.28	0.29	–	11.6
Alderon Irn O*	AXX	146	1.4	1.23	1.24	–	11.4
Alpha Nat Res*	ANR	61056	8.83	7.63	7.68	–	11.4
Arch Coal*	ACI	57776	5.67	4.89	4.9	–	10.9

U.S. greatest value change

---

Company	Symbol	Change	Close	Change
Agrium*	AGU	919887	104.39	+	3.26
Alliance Rs P*	ARLP	338943	62.8	+	1.28
Mosaic*	MOS	17814840	58.47	+	1
Harry Winston*	HWD	549151	15.56	+	0.68
Soc Quim&M Ch*	SQM	2197039	55.4	+	0.62
Vale*	VALE	20812160	18.55	+	0.46
Potash C Sask*	POT	24802870	39.61	+	0.46
Eldorado Gold*	EGO	5093626	9.97	+	0.36
New Gold*	NGD	14202399	9.26	+	0.36
Augusta Res*	AZC	66240	2.66	+	0.13
Walter Energy*	WLT	3120912	30.14	–	3.11
BHP Billi-BBL*	BBL	4291231	62.28	–	2.16
Peabody Enrgy*	BTU	48354606	20.56	–	2.12
Consol Energy*	CNX	10820340	30.64	–	1.87
BHP Billi-BHP*	BHP	12681933	73.93	–	1.84
Rio Tinto*	RIO	2042384	51.75	–	1.82
Allied Nevada*	ANV	877183	17.77	–	1.66
Franco-Nevada*	FNV	1423192	46.94	–	1.32
Cliffs Nat Rs*	CLF	41607873	25.25	–	1.22
Newmont Mng*	NEM	47077836	39.62	–	1.2