The Dow Jones Industrial average jumped nearly 150 points on July 15 to push the average to an all-time high. For the report period ended July 14, the Dow Jones climbed 160.50 points (1.8%) to close at 9,245.54.
Mining issues failed to jump on the bandwagon as the Dow soared, weighted down by lacklustre metal prices.
On the New York Stock Exchange, Phelps Dodge lost 44 cents per share as it continued to test new lows. The company posted its second-quarter earnings, which amounted to US$40 million, or 69 cents per share. This was down sharply from earnings of US$135 million ($2.16 per share) realized during the same period last year.
Cyprus Amax Minerals also tested new lows, closing the week down 38 cents at US$12.50. However, other copper producers fared somewhat better. Asarco was up 31 cents to US$23.44, while Australia’s Broken Hill Proprietary rose 56 cents to close at US$18.19.
Newmont Gold slipped 44 cents to close at US$22.62, while parent Newmont Mining fell 50 cents to close at US$22 on nearly 5 million shares traded.
Shares of coal-producer Kerr-McGee were lifted 31 cents to close at US$57.25. The company announced a programs to buy back US$300 million worth of its stock.
On the American Stock Exchange, Getchell Gold shed 38 cents to close at US$14, while Canyon Resources continued to slide, losing 12 cents to close at 50 cents.
On the plus side, shares of Lihir Gold, listed on Nasdaq, climbed $1.25 to close at US$26.62. Among the Nasdaq juniors, Chief Consolidated Mining rose 69 cents to close at US$3.12.
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