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TABLE OF CONTENTS Apr 21 - 27, 2014 Volume 100 Number 10 - 0 comments

U.S. markets slump as gold rises, April 7-11

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2014-04-16

It was a weak showing for the U.S. markets, as the Dow Jones Industrial Average fell 388 points to 16,026.75, the S&P 500 was down 48 points to 1,815.69 and the Nasdaq Composite was off 111 points to finish up at 3,999.73. 

The selling was most severe in the tech sector, as earnings expectations turned so bearish that analysts predicted zero annual profit growth for companies in the S&P 500.

Metal prices, however, were slightly higher, with copper up 2¢ to US$3.05 per lb. and gold gaining US$15 to US$1,319 per oz. The strength in base metals could be tied to an International Monetary Fund report saying the global economy has turned the corner and is heading for more robust growth. The Fed also commented that quantitative easing would taper more gradually than previously anticipated.

Randgold Resources, AngloGold Ashanti and Royal Gold benefitted from the renewed interest in gold, with each seeing its share price rise in the period. 

Alcoa’s stock was the most actively traded, falling 9¢ on 180.7 million shares traded. The increased volume foreshadowed buying, as shares climbed at press time on the back of better-than-expected first-quarter earnings. The company reached record downstream profitability, tripling its results in the midstream, as well as bolstering its upstream business for the tenth quarter in a row. These factors helped Alcoa beat its 5¢ earnings-per-share estimate by a decent margin, as it reported earnings of 9¢ per share.

A pair of China-based miners — Aluminum Corp. of China and Yanzhou Coal Mining — were among the period’s big gainers.  Aluminum Corp. of China saw its stock rise 13% to $10.15 amid rumours that it would issue a perpetual renminbi bond. 

Yanzhou Coal Mining was up 11% to US$8.41, as the market speculated that it would abandon plans to buy out Yancoal Australia, in which Yanzhou holds a 78% stake. Yanzhou had announced a plan to buy the remaining interest and take the company private last July. The prospect of saving capital was applauded by the market.

U.S. most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Alcoa* AA 180787 13.16 12.34 12.54 - 0.09
Alpha Nat Res* ANR 68827 5.08 4.2 4.31 - 0.25
Kinross Gold* KGC 58327 4.36 4.14 4.18 - 0.12
Freeport McMo* FCX 54901 34.17 32.5 32.56 - 0.45
North Am Pall* PAL 51694 0.46 0.3 0.3 - 0.18
Barrick Gold* ABX 42327 19.22 18.22 18.62 + 0.14
Peabody Enrgy* BTU 41088 18.18 16.74 16.97 - 0.25
Arch Coal* ACI 38085 5.37 4.82 4.88 - 0.14
Newmont Mng* NEM 33593 25.51 24.1 24.23 + 0.12
Goldcorp* GG 30612 25.87 24.01 24.09 - 0.81

U.S. greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Thompson Crk* TC 2105 3.16 2.27 2.85 + 20.7
Dejour Enterp* DEJ 919 0.29 0.23 0.26 + 14.2
Alum Cp China* ACH 438 10.31 8.98 10.15 + 12.6
Yanzhou Coal* YZC 1413 8.59 7.49 8.41 + 11.1
Lake Shore Gd* LSG 1960 0.81 0.71 0.79 + 10.3
Golden Star* GSS 8968 0.74 0.61 0.68 + 10.2
North Am En P* NOA 112 8.01 7.29 7.84 + 7.6
Timmins Gold* TGD 1269 1.5 1.3 1.42 + 6.7
Gold Fields* GFI 19885 4.16 3.76 4.05 + 6.3
Seabridge Gld* SA 3080 8.27 7.05 7.58 + 5.2
North Am Pall* PAL 51694 0.46 0.3 0.3 - 36.8
Tasman Mtls* TAS 1211 1.52 1.18 1.23 - 17.4
Uranium Ener* UEC 6196 1.31 1 1.08 - 13.6
Atlatsa Res* ATL 377 0.43 0.36 0.38 - 12.6
Northern Dyn* NAK 1422 0.94 0.81 0.83 - 12.6
Ur-Energy* URG 723 1.62 1.38 1.39 - 10.9
US Energy* USEG 1496 4.91 4.13 4.29 - 10.4
Alexco Res* AXU 855 1.62 1.4 1.4 - 10.2
Walter Energy* WLT 4571 8.7 7.2 7.37 - 9.5
Golden Mnls* AUMN 691 0.96 0.82 0.82 - 8.8

U.S. greatest value change


Company Symbol Change Close Change
Royal Gold* RGLD 3798140 66.04 + 1.53
Compass Mnls* CMP 366447 85.02 + 1.52
Alum Cp China* ACH 437689 10.15 + 1.14
Yanzhou Coal* YZC 1413050 8.41 + 0.84
Soc Quim&M Ch* SQM 5573967 31.33 + 0.76
AngloGold Ash* AU 12795504 17.97 + 0.69
Randgold Res* GOLD 3700224 77.31 + 0.57
Central GoldT* GTU 236933 46.08 + 0.57
North Am En P* NOA 112269 7.84 + 0.56
Tahoe Res* TAHO 162982 21.75 + 0.53
Agrium* AGU 684465 91.6 - 2.62
Hi-Crush Part* HCLP 2355591 38.54 - 2.56
Cabot Corp* CBT 1077174 56.96 - 2.3
Mosaic* MOS 9936562 47.2 - 1.97
Cameco Corp* CCJ 10329642 22.96 - 1.55
SunCoke Engy* SXC 713071 21.75 - 1.55
OM Group* OMG 835298 30.86 - 1.22
MDU Res* MDU 3090210 33.88 - 1.18
Cliffs Nat Rs* CLF 27817786 19.58 - 0.95
Cloud Peak En* CLD 1075916 20.95 - 0.92

 

 



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