Wall Street retreats, Oct. 31-Nov. 4

U.S. equities fell into negative territory on concerns about the U.S. presidential election and weakening oil prices. The Dow Jones Industrial Average gave back 1.5% to close at 17,888.28, while the broader S&P 500 Index retreated 1.9% to 2,085.18. The tech-heavy Nasdaq Composite Index dropped 2.8% to 5,046.37. The December contract for U.S. crude plunged 9.5% to US$44.07 per barrel. Spot gold climbed 2.3% to US$1,304 per ounce.

Endeavour Silver shares rose 15% to US$4.85, after a strong third-quarter profit, as lower costs and higher metal prices offset less sales. Net earnings were US$5.6 million, or US4¢ per share. Last year it reported a loss of US$14.1 million, or US14¢ per share. Endeavour sold 1.2 million oz. silver and 14,228 oz. silver at higher silver and gold realized prices of US$19.16 and US$1,340 per ounce. Revenue dipped 1% year-over-year to US$42.1 million, largely due to a 35% drop in silver sales. Quarterly production from Endeavour’s three Mexican mines fell 29% to 1.28 million silver oz., and 6% to 14,364 oz. gold. All-in sustaining costs dropped 24% to US$11.47 per oz., net of gold credits, below the company’s US$12 to US$13 per oz. guidance. Endeavour ended September with US$83.2 million in cash.

McEwen Mining shares gained almost 14% to close at US$3.55. McEwen reported a third-quarter profit of US$4.2 million, or US1¢, compared to the US$2.6 million at US1¢ per share earned in the same period last year. Gold-equivalent production fell 16% year-over-year to 36,496 oz., leading to a US$15 increase in all-in sustaining costs of US$1,023 per equivalent oz. gold. For the nine months ended in September, McEwen had a profit of US$25.5 million, or US9¢ per share, versus the loss of US$5.5 million, or US2¢ per share, in 2015. McEwen promoted its chief operating officer Xavier Ochoa to president and COO.

Kinross Gold climbed nearly 10% to US$4.11 per share, after quarterly financials. Adjusted net earnings were US$128.7 million, or US10¢ per share. It reported an adjusted loss of US$23.9 million, or US2¢ per share, in the third quarter of 2015. Revenue grew 12% to US$910 million due to higher realized gold prices, despite a drop in sales and slightly higher production costs.


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