Resource equities on the United States markets bounced back a bit in the holiday-shortened reporting period Jan. 9-12 after a devastating first week of 2007. While the broader market moved cautiously back into record country, with the Dow Jones Industrial Average rising 132.59 points, or 1%, to 12,556.08, the gold and base metal stocks mostly beat that pace.
Gold bullion recovered some of early January’s losses, rebounding US$10.25 in the London fix to finish the period at US$619.75. That gain, about 1.7%, was reflected exactly in the unhedged gold producers, the Amex Gold Bugs Index rising 5.33 points to 320.12. The broader gold sector, represented by the Philadelphia Exchange’s XAU, rose 1.4%.
Both Newmont Mining and AngloGold Ashanti outpaced the main body of the golds; Newmont was US97 better at US$43.21, and Anglo improved US$1.07 to finish at US$45.47.
There were few losing stocks in the gold sector; Harmony Gold was off US56 at US$13.48 and in the mid-tiers Minas Buenaventura slid US43 to US$25.78 and Hecla Mining US56 to US$6.80.
The bounce among the base metal producers was stronger, following big gains for the industrial metals on the London Metal Exchange. Spot copper was up more than 5% (at US$5,805.50 per tonne) and nickel up almost 10% (to US$36,500, or US$16.56 per lb.).
The big copper producers all made gains, Rio Tinto adding US$5.10 to US$206.43, BHP Billiton rising US$2.19 to US$39.52, and Southern Copper picking up US$2.11 to finish at US$55.26. Companhia Vale do Rio Doce was the most actively traded of the big base metal miners, with 15.8 million shares moving; it rose US49 to US$29.70. Alcoa, which was up US$2.31 at US$30.79, was the most active of the aluminum producers, with 28.4 million shares changing hands.
The gap between Freeport-McMoRan Copper & Gold and Phelps Dodge narrowed a little, Freeport rising US$3.07 to US$55.01 and PD only US74 to US$119.90. Freeport’s bid for PD now represents about US$124.86, or US$4.96 above PD’s price in the market.
Coal producer Alpha Natural Resources was down US32 at US$13.20 following an accident at its Cucumber mine in West Virginia; a roof bolter and helper were killed by a rock fall, and an investigation is under way.
U.S. greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Commerce Grp* | CGCO | 28 | 0.15 | 0.08 | 0.15 | +87.5 |
| HE-5 Res* | HRRN | 62 | 0.39 | 0.29 | 0.38 | +31.0 |
| Pine Valley M* | PVMCF | 340 | 0.044 | 0.031 | 0.038 | +26.6 |
| Birch Mountn* | BMD | 707 | 2.55 | 1.95 | 2.51 | +20.1 |
| Westmoreland* | WLB | 43 | 22.60 | 18.80 | 22.49 | +18.5 |
| New Jersey Mg* | NJMC | 155 | 0.59 | 0.42 | 0.59 | +18.0 |
| Apollo Gold* | AGT | 423 | 0.53 | 0.44 | 0.52 | +15.5 |
| Mines Managem* | MGN | 80 | 5.30 | 4.51 | 5.24 | +14.4 |
| Mountain Prov* | MDM | 43 | 3.65 | 2.97 | 3.49 | +13.6 |
| Corriente Rs* | ETQ | 374 | 3.42 | 2.80 | 3.40 | +13.3 |
| Gemco Mnls* | GMML | 15 | 0.15 | 0.10 | 0.12 | -30.6 |
| Diamond Discv* | DMDD | 623 | 0.007 | 0.006 | 0.006 | -25.0 |
| Golden Eagle* | MYNG | 15593 | 0.009 | 0.005 | 0.007 | -22.2 |
| Geocom Res* | GOCM | 79 | 0.28 | 0.222 | 0.231 | -17.5 |
| Sao Luis Mng* | SAOL | 472 | 0.65 | 0.44 | 0.51 | -16.3 |
| Starfield Res* | SRFDF | 108 | 0.26 | 0.235 | 0.239 | -12.7 |
| Trend Mng* | TRDM | 281 | 0.109 | 0.098 | 0.099 | -12.3 |
| Colombia Gldf* | CGDF | 1461 | 1.28 | 1.08 | 1.11 | -11.2 |
| Contintl Mnls* | KMKCF | 276 | 1.65 | 1.45 | 1.50 | -9.0 |
| Azco Mng* | AZMN | 550 | 1.28 | 1.01 | 1.15 | -8.0 |
U.S. greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Potash C Sask* | POT | 2312500 | 145.12 | +5.32 |
| Rio Tinto* | RTP | 923100 | 206.43 | +5.10 |
| Alcan* | AL | 6157500 | 49.88 | +4.88 |
| NACCO Ind* | NC | 35900 | 139.38 | +4.78 |
| Westmoreland* | WLB | 43300 | 22.49 | +3.52 |
| Freeport McMo* | FCX | 14163400 | 55.01 | +3.07 |
| Cabot Corp* | CBT | 848900 | 46.38 | +2.33 |
| Alcoa* | AA | 28429800 | 30.79 | +2.31 |
| BHP Billi-BHP* | BHP | 15486400 | 39.52 | +2.19 |
| Mosaic* | MOS | 4412800 | 22.10 | +2.14 |
| Soc Quim&M Ch* | SQM | 93800 | 127.86 | -0.67 |
| Banro Res* | BAA | 40600 | 11.61 | -0.63 |
| Harmony Gold* | HMY | 8114800 | 13.48 | -0.56 |
| Hecla Mining* | HL | 5843500 | 6.80 | -0.56 |
| Buenaventura* | BVN | 1539800 | 25.78 | -0.43 |
| ASA (Bermuda)* | ASA | 193100 | 59.71 | -0.39 |
| APEX Silver* | SIL | 1173300 | 13.45 | -0.37 |
| Northern Dyn* | NAK | 123900 | 7.47 | -0.32 |
| Alpha Nat Res* | ANR | 2814800 | 13.20 | -0.32 |
| Gold Reserve* | GRZ | 389900 | 3.94 | -0.22 |
U.S. most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Alcoa* | AA | 28430 | 31.17 | 28.09 | 30.79 | +2.31 | |
| CVRD* | RIO | 15784 | 29.75 | 27.06 | 29.70 | +0.49 | |
| Golden Eagle* | MYNG | 15593 | 0.009 | 0.005 | 0.007 | -0.002 | |
| BHP Billi-BHP* | BHP | 15486 | 39.72 | 36.99 | 39.52 | +2.19 | |
| Goldcorp* | GG | 14344 | 26.24 | 24.79 | 26.19 | + | 0.31 |
| Peabody Enrgy* | BTU | 14222 | 40.18 | 37.15 | 40.00 | +2.03 | |
| Freeport McMo* | FCX | 14163 | 55.48 | 51.01 | 55.01 | +3.07 | |
| Coeur d Alene* | CDE | 13997 | 4.49 | 4.07 | 4.45 | -0.02 | |
| Silverado* | SLGLF | 13815 | 0.084 | 0.067 | 0.083 | +0.005 | |
| Barrick Gold* | ABX | 12266 | 29.54 | 28.69 | 29.25 | -0.11 |
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