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BUSINESSWednesday 13 January 2016
Canada mining firm Stocks rebound after early slide; techs lead gains
suspends most work,
cuts jobs in Greece ALEX VEIGA percent this year. kets has also kept traders trading.
AP Business Writer “We saw a little bit of weak- on edge after sharp losses “You’re seeing very over-
D. GATOPOULOS A volatile day on Wall ness in oil and the selling last week. sold conditions,” said Phil
Associated Press Street ended in upbeat just continued,” said J.J. The steep downturn in Blancato, CEO of Laden-
ATHENS, Greece (AP) — fashion Tuesday as a late- Kinahan, chief strategist at crude oil prices has also burg Thalmann Asset Man-
Canadian mining com- afternoon rally led by tech- TD Ameritrade. weighed on the market. agement. “People here
pany Eldorado Gold said nology stocks pushed the All told, the Dow Jones in- The three major U.S. stock are basically buying the
Tuesday it is suspending market to a modest gain. dustrial average gained indexes are all down for the dip.”
work at a site in Greece Eight of the 10 sectors in the
and laying off 600 workers Specialist Stephen Naughton, right, works with traders at his post on the floor of the New York Stock S&P 500 index rose. Tech-
following protests by local Exchange, Tuesday, Jan. 12, 2016. A volatile day on Wall Street ended in upbeat fashion Tuesday nology companies gained
residents and a spat with as a late-afternoon rally led by technology stocks pushed the market to a modest gain. 1.2 percent.
the country’s leftwing gov- Health care and consumer
ernment. (AP Photo/Richard Drew) discretionary stocks also
The Vancouver, Canada- notched gains of 1 per-
based company said it The turnaround helped 117.65 points, or 0.7 per- year, with the Dow and S&P cent. Utilities and telecom-
was halting operations at snap an eight-day trad- cent, to 16,516.22. The 500 index off about 5 per- munications services stocks
a gold mine at Skouries, on ing slump for the Nasdaq Standard & Poor’s 500 in- cent, while the Nasdaq is fell.
the Halkidiki peninsula, one composite, which is heavily dex added 15.01 points, down 6.4 percent. Chipmaker Intel added
of four major Greek sites weighted with technology or 0.8 percent, to 1,938.68. Trading looked to take a 62 cents, or 2 percent, to
where the company is in- stocks. The Nasdaq composite more positive turn early $32.68, while and Apple
volved. Energy stocks slumped as climbed 47.93 points, or 1 Tuesday as the major U.S. gained $1.43, or 1.5 per-
CEO Paul Wright said a much as 2 percent during percent, to 4,685.92. stock indexes opened high- cent, to $99.96. Among
further 500 jobs were also the day, then recovered Investors have been wres- er and oil prices rose. That health care compa-
likely to be cut later in the in late trading to eke out a tling with fears about a trend didn’t last, as oil pric- nies, UnitedHealth Group
year. slight gain. protracted slowdown in es turned lower once more, climbed 2.4 percent, the
Wright accused the gov- Crude oil prices declined China’s economy and the weighing on energy stocks. biggest gainer in the Dow
ernment of holding up per- for the seventh day in a potential fallout for corpo- The market looked like it Jones industrial average. It
mits and using the mining row, the longest losing rate earnings. Uncertainty was headed for a lower added $2.68 to $112.26.
project as a “political toy” streak since July 2014. Oil about Beijing’s ability to close before it reversed Energy stocks rose 0.4 per-
but insisted the company has now fallen nearly 18 manage its financial mar- course in the final hour of cent. The sector remains
had no plans to pull out of down 8.5 percent this year.
Greece and hoped to re- U.S. crude oil fell 97 cents,
start work at Skouries at a or 3.1 percent, to $30.44 a
later date. barrel in New York. Brent
“It’s not dissimilar to build- crude, a benchmark for in-
ing a kitchen and putting ternational oils, fell 69 cents,
in the floor and furniture or 2.2 percent, to $30.86 a
but not being allowed to barrel in London.
put in a wall and roof over Traders continued to take
it. It’s a bit silly,” Wright told their cue from oil prices by
a news conference in Ath- parting with stocks in ener-
ens. gy and mining companies.
Wright said his company Freeport-McMoRan lost 20
had invested $700 million cents, or 4.6 percent, to
(645 million euros) and cre- $4.11. Consol Energy shed
ated 2,000 jobs, but added 30 cents, or 4.3 percent, to
that it was willing to nego- $6.70.
tiate royalty payments for “The trading in oil is particu-
gold being extracted that larly precarious, and be-
were not included in the cause of that, everybody
original agreements made is selling energy-related
with the Greek state. stocks,” Kinahan said.q
Elected a year ago, the
leftwing government has Wal-Mart’s Asda:
expressed support for pro-
test groups near Skouries More price cuts to come as grocery wars heat up
who oppose the project
on environmental grounds A. D’INNOCENZIO vestment ($1.44 billion) in Tesco PLC, Sainsbury’s and means that we must take
and fear it will hurt tourism. AP Retail Writer price cuts begun in 2013 Morrisons —have been cut- radical action to win back
The protests included road NEW YORK (AP) — It’s going that Asda planned until ting prices to respond to our customers,” said Andy
blockades, violent con- to be another challenging late 2018. the increased competition Clarke, Asda’s president
frontations with police and year for supermarket retail- Wal-Mart’s Asda also said from Germany-based no- and CEO in a statement.
a 2013 arson attack on El- ers in the United Kingdom. Sunday it has joined the frills discounters Aldi and ASDA is expected to re-
dorado facilities at Skou- Wal-Mart’s United Kingdom European Marketing Dis- Lidl. The German discount- lease fourth-quarter figures
ries. operation Asda, is investing tribution, which pools the ers offer sharp discounts next month when Wal-Mart
Environment Minister Panos another 500 million pounds collective buying power of every day but with limited announces results. Asda
Skoutletis said Wright had ($721.9 million) in price cuts 250 supermarket chains, so assortment. saw a key sales figure —
made the announcement as the grocery discount it can realize the savings. “There is currently no revenue at stores open at
after rescheduling meet- wars escalate. The moves come as Asda growth in the food market, least a year — fall 4.6 per-
ings with the government The investment is on top of and the country’s other top and the rise of the limited- cent in the third quarter.q
for later in the week.q the one billion pound in- traditional grocery rivals — assortment discounters
