U.S. Markets February 20-26

Stock markets in the United States eased off during the period Feb. 20-26, with the Standard & Poor’s 500 Index down 6.17 points, or 0.4%, at 1,449.37, and the Dow Jones Industrial Average off 1%. The Shanghai Flu hit on Feb. 27, hitting the S&P for a 3.5% loss and the Dow for 3.3% at presstime.

The resource stocks had a good trading period, with advancing stocks outnumbering declining ones 128 to 37. The base metals again outshone the golds: Rio Tinto led the big boys with a rise of US$9.80 to US$230.60, Anglo American added US$1.02 to close at US$25.91, and BHP Billiton picked up US99 to finish at US$46.75.

Nickel prices broke the US$20 barrier at last, rising US$3,085 per tonne (US$1.40 per lb.) to US$44,500 per tonne (US$20.18 per lb.). That put Companhia Vale do Rio Doce on a pedestal; the stock rose US99 to US$36.89, with a side trip to a 52-week high of US$38.05. Southern Copper was another stock reaching a 52-week high, this time US$76.50, with a close at US$72.67, up US$4.65.

The gold price jumped US$15 in the London fix during the period, finishing on Feb. 26 at US$685.75 per oz. Price strength rippled through the gold sector, particularly the unhedged companies; the Amex Gold Bugs Index was up 4.2% at 361.82 points, while the broader Philadelphia XAU climbed 3.2% to 147.75.

Gold Fields was the big gainer among the behemoths, rising US$1.23 to US$18.72, with Harmony Gold Mining up US81 at US$14.30, Newmont Mining up US80 at US$47.06, and AngloGold Ashanti up US38 at US$47.63.

Mid-tier Hecla Mining has been showing some of the best form lately, setting a 52-week high of US$8.66 and closing US$1.23 higher at US$8.53. Hecla’s annual financials were all rose-coloured: cash flow (US$61.5 million) beat the company’s best previous year by 70%, revenues (US$217 million) were 30% higher than any previous year, and earnings (US$69 million) were 20% higher than any previous year, reversing a 2005 loss of US$26 million.

Hecla also sold out of its 50% holding in the Hollister project in Nevada for US$45 million cash and US$15 million in stock from its joint-venture partner, Vancouver-based Great Basin Gold, which rose US39 to US$2.27.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Golden Eagle*	MYNG	66880	0.036	0.014	0.03	+	130.7
Rubicon Mnls*	RBY	3185	1.16	0.56	1.15	+	105.3
Pine Valley M*	PVMCF	907	0.07	0.032	0.069	+	91.6
New Jersey Mg*	NJMC	751	1.04	0.65	0.97	+	38.5
Cusac Gold Mn*	CUSIF	1905	0.28	0.20	0.27	+	35.0
Uranerz Energ*	URZ	5692	5.69	4.34	5.69	+	32.6
Alberta Star *	ASXSF	5440	2.30	1.78	2.28	+	32.5
Cardero Res*	CDY	834	2.10	1.53	2.079	+	30.7
Patriot Gold*	PGOL	447	0.19	0.11	0.17	+	30.7
Pac Gold*	PCFG	1066	0.25	0.18	0.248	+	30.5
Sao Luis Mng*	SAOL	1992	0.46	0.27	0.33	–	19.5
Diamond Discv*	DMDD	609	0.007	0.005	0.005	–	16.6
Equitable Mng*	EQBM	16181	0.007	0.005	0.005	–	16.6
El Capitan Pr*	ECPN	1478	1.03	0.75	0.87	–	16.3
Apollo Gold*	AGT	10149	0.78	0.59	0.59	–	14.4
Liberty Star*	LBTS	1530	0.98	0.75	0.82	–	13.2
Homeland Pr M*	HPMEF	28	0.64	0.57	0.58	–	10.7
Queenstake Rs*	QEE	6407	0.19	0.16	0.17	–	10.5
Mines Managem*	MGN	580	6.22	5.50	5.56	–	10.4
Global Gold*	GBGD	22	1.01	0.85	0.90	–	10.0

U.S. greatest value change

		VOLUME	CLOSE		CHANGE
Rio Tinto*	RTP	2150683	230.60	+	9.80
Soc Quim&M Ch*	SQM	281500	145.26	+	5.86
Yanzhou Coal*	YZC	317857	53.01	+	5.77
Cleveland-Cli*	CLF	3910354	60.58	+	4.76
Southern Peru*	PCU	11752362	72.67	+	4.65
Freeport McMo*	FCX	32310255	61.92	+	4.36
Potash C Sask*	POT	4759045	165.01	+	4.28
Phelps Dodge*	PD	12943640	127.57	+	3.57
Seabridge Gld*	SA	1997631	16.73	+	3.331
Royal Gold*	RGLD	2389280	35.31	+	3.23
Teck Comin B*	TCK	1601650	73.77	–	1.87
Meridian Gold*	MDG	5640495	29.46	–	1.40
Aber Diamond*	ABER	136821	37.24	–	0.80
Buenaventura*	BVN	2181214	29.01	–	0.75
Mines Managem*	MGN	579865	5.56	–	0.65
Arizona Star*	AZS	280600	12.09	–	0.36
Gold Reserve*	GRZ	604956	4.86	–	0.25
El Capitan Pr*	ECPN	1478138	0.87	–	0.17
APEX Silver*	SIL	2807151	14.70	–	0.17
Idaho Gen Mn*	GMO	620900	2.70	–	0.15

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Golden Eagle*	MYNG	66880	0.036	0.014	0.03	+	0.017
Silverado*	SLGLF	54622	0.143	0.103	0.133	+	0.031
Goldcorp*	GG	43971	28.99	27.12	28.73	+	0.52
CVRD*	RIO	42540	38.05	35.20	36.89	+	0.99
Coeur d Alene*	CDE	40216	4.86	4.47	4.80	+	0.26
Newmont Mng*	NEM	38541	48.33	45.50	47.06	+	0.80
StreetTr Gold*	GLD	35809	68.29	65.00	68.10	+	1.74
Alcoa*	AA	34462	35.56	34.17	35.36	+	0.58
Freeport McMo*	FCX	32310	61.99	56.25	61.92	+	4.36
Barrick Gold*	ABX	32 034	32.56	30.60	31.41	+	0.12