US stocks up on strong jobs data, March 3-7

U.S. equities ended the trading week in positive territory, lifted by strong jobs data. The Labor Department reported that U.S. employers created 175,000 jobs in February, above the expected 149,000 positions.

The Dow Jones Industrial Average soared 131.01 points to 16,452.72. The broader S&P 500 Index rose 18.59 points to 1,878.04, while the tech-heavy Nasdaq Composite Index jumped 28.1 points to 4,336.22.

The spot gold price advanced US$10.90 per oz. to US$1,339.50, with geopolitical risk increasing after the Russian military invaded Ukraine’s Crimea region. The Philadelphia Gold & Silver Index added 1.09 points to 100.64.

North American Palladium was the week’s percentage winner and second most actively traded stock on no major news. The precious metals producer jumped nearly 25% to US48¢ on 68.4 million shares traded. The Toronto-based firm, which is operating its Lac des Îles mine in Ontario, said it has postponed the shareholders’ meeting for a public offering of 7.5% convertible debentures and associated warrants to later this month.

Last year, the Lac de Îles mine produced 135,158 oz. payable palladium at total cash costs of US$560 per oz. This year it could produce 170,000 to 175,000 oz.

Fertilizer giant Agrium was the top value gainer, adding US$3.76 per share to end at US$96.04. Salman Partners analyst Raymond Goldie attributed the rise in Agrium’s share price to stronger nitrogen prices, as nitrogen is a key part of Agrium’s business. In late February, Agrium said it had approved a US$720-million expansion of its nitrogen facility in Borger, Texas.

Alcoa was the most heavily traded stock with 130.8 million shares traded, closing at US$12.16, up US42¢. The lightweight metal producer named Aquilino Paolucci, vice-president of business development for Latin America, as president of Alcoa Latin America and the Caribbean, effective March 1. Paolucci replaces the retiring Franklin Feder. BMO analyst Tony Robson has a US$7 target and an “underperform” rating on Alcoa, which previously focused on producing aluminum.

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