Basic Materials stocks started the week on a positive note as the sector pushed forward 0.85% on Monday with China Shen Zhou Mining & Resources Inc. (AMEX: SHZ) posting the largest percentage gain, jumping 19.05% to close at 4.50. The company, which engages in exploring, developing, mining, processing, and distributing fluorite ore, zinc, copper, lead, and other nonferrous metals, set a 52-week high during the day after hitting 4.78 during trading and remains comfortably ahead of the 50-day moving average of 2.57 and 200-day moving average of 1.39.
Banro Corporation (AMEX: BAA), which engages in the acquisition, exploration, and development of gold properties in the Democratic Republic of the Congo, saw shares climb 15.58% on Monday to close at 3.71 with volume more than 3x its trading average. The spike led to a high of 3.73, a 52-week high for the company, and kept them above the 50-day moving average of 2.91 and 200-day moving average of 2.20.
Despite Friday’s announcement that they were now required to pay city maintenance and construction tax as well as educational surcharges in China starting December 1, 2010 shares in Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) moved forward 12.66% on Monday to close at 2.80. FFHL, which engages in the development, manufacture, and distribution of plastic film using the biaxial oriented stretch technique, known as BOPET film, set a 52-week high of 2.83 during the day and shares remain well above the 50-day moving average of 1.86 and 200-day moving average of 1.28.
With trading volume topping 9.6 million shares, more than 10x its average, shares in Paramount Gold and Silver Corp. (AMEX: PZG) climbed 9.65% to close at 2.84 on Monday. The company, which engages in the acquisition, exploration, and development of gold, silver, and precious metal properties primarily in Mexico, as well as in British Columbia, Canada, set a 52-week high after hitting 3.14 during the trading day and shares remain well above the 50-day moving average of 1.75 and 200-day moving average of 1.56.
After announcing it had secured the last of several environmental permits necessary to begin construction of its new, rare earth manufacturing facility at Mountain Pass, California shares in Molycorp, Inc. (NYSE: MCP) surged 9.59% on Monday to close at 34.28 with more than 8.2 million shares trading hands. MCP is a development stage company that focuses on the production and sale of rare earth oxides (REOs) from stockpiled feedstocks in the western hemisphere, their shares are currently trading above the 50-day moving average of 31.64 and 100-day moving average of 24.86.