A generally positive trading period on United States equity markets between April 24 and 30 was mirrored by some sharp declines among mining stocks. While the Dow Jones Industrial Average rose 1% and touched all-time high values in each of the five trading days, and while the Standard & Poor’s 500 Index crept up a fraction of a per cent to 1,482.37, the Philadelphia Gold and Silver Index (the XAU) fell 3.9% to 137.06 and declining stocks led advancing ones by 115 to 47 among the U.S.-listed miners.
The large copper producers all fell back, and given their current prices the losses were large. Rio Tinto fell US$5.64 to US$244, Freeport-McMoRan Copper & Gold slid US$3.20 to US$67.16, and Southern Copper, despite touching a 52-week high of US$88, finished US$3.53 lower at US$80.30.
Practically alone among the large base metal producers, the aluminum giants posted gains this week in the wake of some good earnings figures. Alcan rose US$4.04 to close at US$58.87, after posting earnings of US$591 million on revenues of US$6.4 billion, while Alcoa was up US$1.40 to US$35.49 both on record first-quarter earnings announced earlier in the month — US$673 million on US$7.9 billion in revenue — and on the announcement that it would seek buyers for several downstream units, including its auto parts and consumer packaging businesses.
On the gold side, Newmont Mining slid US$2.20 to US$41.70, following the announcement of its quarterly earnings; Newmont made US$68 million in the first quarter on revenues of US$1.3 billion. AngloGold Ashanti was down US$1.73 to US$44.57, and Gold Fields fell US78 to US$17.97.
There were a few brighter spots among the precious metal producers. Stillwater Mining tacked on US61 to finish at US$15.40, and Coeur d’Alene Mines was up US6 at US$4.09, while developer Apex Silver Mines added US36 to close the period at US$14.99.
On the Amex, the market seems to have taken notice of Uranerz Energy, which closed at US$7.10, up US23. The uranium explorer is drilling in the Powder River basin in Wyoming and has a joint venture in northern Saskatchewan that will see drilling in the summer season.
U.S. most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Alcoa* | AA | 57862 | 36.50 | 33.63 | 35.49 | +1.40 |
| Freeport McMo* | FCX | 51032 | 70.91 | 66.95 | 67.16 | -3.20 |
| Coeur d Alene* | CDE | 47981 | 4.18 | 3.91 | 4.09 | +0.06 |
| DRDGOLD* | DROOY | 39752 | 0.79 | 0.72 | 0.76 | -0.004 |
| CVRD* | RIO | 35573 | 42.79 | 39.87 | 40.61 | -1.379 |
| Puda Coal* | PUDC | 32446 | 2.25 | 1.30 | 1.96 | +0.65 |
| Newmont Mng* | NEM | 32324 | 44.43 | 41.64 | 41.70 | -2.20 |
| Goldcorp* | GG | 31254 | 25.50 | 24.30 | 24.34 | -1.09 |
| Barrick Gold* | ABX | 21464 | 28.95 | 28.06 | 28.11 | -0.43 |
| Peabody Enrgy* | BTU | 21055 | 50.05 | 47.81 | 47.98 | -1.06 |
U.S. greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Puda Coal* | PUDC | 32446 | 2.25 | 1.30 | 1.96 | +49.6 |
| Patriot Gold* | PGOL | 474 | 0.21 | 0.15 | 0.21 | +23.5 |
| World Vent* | WVNTF | 82 | 0.17 | 0.13 | 0.17 | +21.4 |
| Golden Phoen* | GPXM | 8545 | 0.445 | 0.34 | 0.43 | +20.1 |
| Commerce Grp* | CGCO | 18 | 0.15 | 0.098 | 0.15 | +15.3 |
| Fischer-W Gld* | FWGO | 948 | 0.08 | 0.065 | 0.075 | +15.3 |
| Clifton Mng* | CFTN | 474 | 0.60 | 0.51 | 0.60 | +15.1 |
| Sparrowtech R* | SPMC | 61 | 0.09 | 0.045 | 0.09 | +12.5 |
| Corriente Rs* | ETQ | 381 | 3.81 | 3.05 | 3.55 | +12.3 |
| Crested Corp* | CBAG | 285 | 3.27 | 2.90 | 3.19 | +10.0 |
| Klondike Star* | KDSM | 188 | 1.45 | 1.05 | 1.11 | -20.7 |
| Caledonia Mng* | CALVF | 15955 | 0.219 | 0.153 | 0.171 | -14.5 |
| Orezone Res* | OZN | 1172 | 2.18 | 1.80 | 1.87 | -13.8 |
| Pac Gold* | PCFG | 594 | 0.175 | 0.152 | 0.157 | -12.7 |
| Queenstake Rs* | QEE | 3735 | 0.20 | 0.161 | 0.166 | -12.6 |
| Sao Luis Mng* | SAOL | 576 | 0.86 | 0.68 | 0.68 | -11.6 |
| Tara Gold* | TRGD | 1757 | 1.11 | 0.93 | 0.95 | -11.2 |
| Banro Res* | BAA | 48 | 11.03 | 9.75 | 9.80 | -11.1 |
| Aurizon Mines* | AZK | 2322 | 3.90 | 3.43 | 3.48 | -11.0 |
| Geocom Res* | GOCM | 226 | 0.39 | 0.28 | 0.33 | -10.8 |
U.S. greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Alcan* | AL | 11763975 | 58.87 | +4.04 |
| Massey Energy* | MEE | 11974561 | 26.93 | +1.72 |
| Alcoa* | AA | 57862218 | 35.49 | +1.40 |
| Foundatn Coal* | FCL | 3020750 | 39.39 | +0.66 |
| Puda Coal* | PUDC | 32446003 | 1.96 | +0.65 |
| Stillwater Mg* | SWC | 5197280 | 15.40 | +0.61 |
| US Energy* | USEG | 1780172 | 6.55 | +0.59 |
| Teck Comin B* | TCK | 1424325 | 76.03 | +0.58 |
| Corriente Rs* | ETQ | 381200 | 3.55 | +0.39 |
| Westmoreland* | WLB | 304000 | 23.56 | +0.37 |
| Rio Tinto* | RTP | 1388000 | 244.00 | -5.64 |
| Potash C Sask* | POT | 6208959 | 179.52 | -5.17 |
| Cabot Corp* | CBT | 2876400 | 45.30 | -3.62 |
| Southern Copp* | PCU | 9095661 | 80.30 | -3.53 |
| Freeport McMo* | FCX | 51032066 | 67.16 | -3.20 |
| Pan Am Silver* | PAAS | 6150576 | 28.25 | -2.41 |
| ASA (Bermuda)* | ASA | 210300 | 66.80 | -2.29 |
| Newmont Mng* | NEM | 32323759 | 41.70 | -2.20 |
| Meridian Gold* | MDG | 4327325 | 25.25 | -1.75 |
| AngloGold Ash* | AU | 3258866 | 44.57 | -1.73 |
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