U.S. markets, May 6-10

U.S. stocks performed well during the trading session, marking three weeks of gains.

The Dow Jones Industrial Average jumped 145 points to close at 15,118.49; the broader S&P 500 Index climbed 19 points to 1,633.70; and the Nasdaq Composite Index advanced 58 points to 3,436.58. However, the spot price of gold tumbled US$22.60 per oz. to US$1,448.10.

Entrée Gold was the week’s percentage winner, adding 34% to 38¢ per share. The company posted highlights from the first quarter, noting it closed a US$55-million financing with Vancouver’s Sandstorm Gold, and has started permitting and environmental baseline studies on its Ann Mason copper-molybdenum project in Nevada. It is also trying to lift an administrative suspension on its joint-venture mining licences on the Lookout Hill copper-gold project in Mongolia. Entrée posted a net loss of US$5.1 million for the quarter, similar to the year-ago period.

Uranerz Energy’s shares trailed close behind, up 32% to $1.32. The company said it would produce uranium from its Nicholas Ranch in-situ recovery project in Wyoming’s Powder River basin later this year. Uranerz said earlier that the state’s attorney general, treasurer and governor support the project, with the state government loaning the company US$20 million to finish construction.

For the first quarter, Uranerz lost US$4.1 million, or US5¢ per share, up from a loss of US$7.7 million, or US10¢ per share, in the year-earlier period. The year-over-year cash position dwindled to US$2.7 million from US$7 million.

Golden Star Resources’ shares shrank 25% to 81¢ on weak quarterly results. Raymond James calculated that the company’s adjusted earnings-per-share loss for the quarter was US5¢, below its consensus loss estimates of US3¢ and 1¢ per share. The miss is attributed to higher-than-expected operating expenses, especially at the company’s Bogoso-Prestea gold mine in Ghana, where costs increased 25% to US$1,531 per oz. Raymond James reduced its US$1.75 price target to US$1.10, but kept a “market perform” rating on the stock.

U.S. most active issues

U.S. greatest percentage change

U.S. greatest value change