U.S. Markets March 20-26

Takeover speculation in the U.S. auto sector and talk that General Motors could team up with others to buy Chrysler drove the Dow Jones up 242.90 points to 12,469.07 during the March 20-26 trading session. The broad market S&P 500 Index rose 35.44 points to 1,437.5.

On the mining front, investors were reassured by BHP Billiton chief executive officer Chip Goodyear, who said he is confident that the price of copper, nickel, and other metals will remain high for several decades as demand from China and India climbs.

Buoyed by those comments, shares of BHP rose US$3.24 to US$48.73 in active trading. Among other base metal stocks, Rio Tinto gained US$12.61 to finish the week at US$228.10, while Teck Cominco class B shares rose US$5.86 to US$71.61.

“I’m excited about what we’ll see over the next several decades as 2.5 billion people in China and India, and other parts of the developing world enter the world economy,” Goodyear told Bloomberg news service in Santiago, Chile.

“Is China and India the next reason for a multi-decade increase in commodity prices? We’re positive about that.”

These comments come after Citigroup, the biggest U.S. bank, raised its 2007 nickel forecast and boosted its first-half copper forecast this month and said a “super cycle” will keep prices elevated as supplies lag behind demand.

The price of nickel has soared 28% this year as China, the world’s largest user of the metal, expanded its stainless steel industry.

Not surprisingly Companhia Vale do Rio Doce, the Brazilian company that acquired Canadian nickel mining giant Inco last year, was among the week’s volume leaders, rising US$1.15 to US$37.50.

The stock rallied as rival Xstrata extended its acquisition spree, launching a $4.6-billion friendly takeover bid for LionOre Mining International, a Toronto-based company, which has nickel mining operations in Western Australia, Botswana, and South Africa.

In other news, Freeport-McMoRan Copper & Gold sold a US$2.5-billion mandatory convertible offering, easily beating the company’s original target of US$1 billion.

Freeport, the most actively traded stock during the session, rose US$2.26 to US$64.70.

U.S. greatest percentage change

VOLUME(000s) HIGH LOW CLOSE CHANGE
Michigan Gold* MGGV 1122 0.007 0.005 0.007 + 75.0
Idaho Gen Mn* GMO 7302 4.40 2.69 3.89 + 42.4
Caledonia Mng* CALVF 8944 0.129 0.093 0.126 + 32.6
Tara Gold* TRGD 3263 1.34 0.97 1.23 + 25.5
Anooraq Res* ANO 5954 1.76 1.48 1.69 + 18.1
Shoshone Silv* SHSH 36 0.35 0.25 0.30 + 17.6
Northw Min Vt* NWTMF 735 0.619 0.51 0.60 + 17.6
Rubicon Mnls* RBY 2112 1.40 1.18 1.38 + 16.9
Golden Star* GSS 23124 4.63 3.91 4.56 + 16.3
OM Group* OMG 3973 46.15 40.40 46.05 + 13.5
HuntMountain* HNTM 63 0.53 0.39 0.39 35.0
Starfield Res* SRFDF 1470 0.249 0.205 0.205 15.2
Diamond Discv* DMDD 905 0.007 0.005 0.006 14.2
Commerce Grp* CGCO 14 0.12 0.095 0.095 13.6
Sao Luis Mng* SAOL 96 0.31 0.28 0.28 9.6
Liberty Star* LBTS 1947 0.65 0.59 0.59 9.2
Pine Valley M* PVMCF 353 0.041 0.04 0.041 8.8
Claude Res* CGR 1937 1.62 1.41 1.451 8.7
Little Squaw* LITS 71 1.20 1.05 1.10 8.3
Pac Gold* PCFG 504 0.20 0.185 0.185 7.5

U.S. greatest value change

VOLUME CLOSE CHANGE
Rio Tinto* RTP 1988700 228.10 + 12.61
Teck Comin B* TCK 1539900 71.61 + 5.86
OM Group* OMG 3973200 46.05 + 5.50
Cleveland-Cli* CLF 4422931 64.40 + 5.08
Potash C Sask* POT 4067369 159.00 + 4.05
Soc Quim&M Ch* SQM 113900 141.74 + 3.48
BHP Billi-BHP* BHP 16892887 48.73 + 3.24
BHP Billi-BBL* BBL 560300 44.79 + 2.90
Peabody Enrgy* BTU 21516140 41.30 + 2.89
ASA (Bermuda)* ASA 339800 64.35 + 2.64
Mines Managem* MGN 183000 4.96 0.22
HuntMountain* HNTM 63400 0.39 0.21
Claude Res* CGR 1936600 1.451 0.139
Little Squaw* LITS 71344 1.10 0.10
Coral Gold* CGREF 15514 2.478 0.082
Gold Reserve* GRZ 786500 4.40 0.08
Colombia Gldf* CGDF 497590 1.22 0.08
Great Basin G* GBN 1426800 2.05 0.06
Liberty Star* LBTS 1946932 0.59 0.06
Global Gold* GBGD 17400 0.95 0.06

U.S. most active issues

< td>3.91

VOLUME(000s) HIGH LOW CLOSE CHANGE
Freeport McMo* FCX 114238 65.10 60.86 64.70 + 2.26
CVRD* RIO 46270 37.64 35.74 37.60 + 1.15
Goldcorp* GG 41532 25.24 23.90 25.22 + 1.04
Alcoa* AA 41057 34.20 33.37 34.17 + 0.21
DRDGOLD* DROOY 40577 0.73 0.60 0.66 + 0.045
Newmont Mng* NEM 35349 44.28 42.92 43.73 + 0.49
Coeur d Alene* CDE 34959 4.27 3.93 4.25 + 0.30
StreetTr Gold* GLD 23678 66.13 64.90 65.84 + 1.10
Barrick Gold* ABX 23236 29.41 28.57 29.05 + 0.59
Golden Star* GSS 23124 4.63 4.56 + 0.64
Print

 

Republish this article

Be the first to comment on "U.S. Markets March 20-26"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close