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Basic Materials Stocks Rebound: Guanwei Recycling Corp., Crosshair Exploration & Mining Corp., USEC, Inc., NovaGold Resources Inc. (USA), Kimber Resources, Inc.

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Basic Materials stocks rebounded on Thursday, posting a 0.95% improvement following a drop of 1.14% on Wednesday. Leading the list of most improved companies as Guanwei Recycling Corp. (NASDAQ: GPRC) which jumped 10.86% on the day to close at 3.88. The company reported sales gains for the third quarter and continue to forecast future growth for the rest of the year. Shares are currently trading above the 50-day moving average of 3.19 and just below the 200-day moving average of 4.02.

After reporting gold recoveries of 96% at their Golden Promise properties Crosshair Exploration & Mining Corp (AMEX: CXZ) saw shares push forward 9.52% to close at 0.230 on the day. Volume was less than half the company’s average yet shares continue to trade above the 50-day moving average of 0.18 and 200-day moving average of 0.17.

Shares in USEC, Inc. (NYSE: USU) moved up 8.47% on Thursday to close at 5.38 on nearly 4x their average. Earlier in the day the company announced they would be holding a conference call on November 3 to discuss earnings, that news comes one day after they announced the DOE would proceed with a loan guarantee for their American Centrifuge Plant. Shares are currently above the 50-day moving average of 5.02 and 200-day moving average of 5.07.

Precious metals company NovaGold Resources, Inc. (AMEX: NG) set a 52-week high of 10.67 on Thursday before closing at 10.62, a 7.71% increase. Volume more than doubled for the exploration and production company as the stock continued to move north of the 50-day moving average of 8.46 and 200-day moving average of 7.26.

Kimber Resources Inc. (AMEX: KBX), engages in the acquisition, exploration, and development of mineral resource properties in Mexico, put together a solid day posting a 7.69% gain to close at 0.98 with trading about even with its average. Shares are moving slightly ahead of the 50-day moving average of 0.96 and 200-day moving average of 0.94.

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