The Dow Jones industrial average continues to toy with the 10,000 mark. In the report period ended Arpil 6, the Dow cleared the mark once, before falling back to finish the week up 50.23 points, or 0.5%, to 9,963.49 points.
Gold companies were up despite weak demand for the yellow metal, which held it below US$280 per oz. Getchell Gold, listed on the American Stock Exchange, rose $1.06 to close at US$25.56. Ashanti Goldfields, listed on the New York Stock Exchange, advanced 57 cents to US$8.38. Newmont Mining followed with an increase of 44 cents to US$17.06. South Africa’s Anglogold gained 50 cents to reach US$20.
Copper producers were mixed, with Phelps Dodge leading the winners with a 94 cents gain to close at US$49.94. Class A and B shares of Freeport-McMoRan Copper & Gold climbed 33 cents and 74 cents to US$9.63 and US$10.62, respectively, after the company declared quarterly dividends.
Asarco slid 63 cents to US$13.56; its 54%-owned subsidiary, Southern Peru Copper, lost 69 cents, despite having arranged US$100 million in loans to fund expansion plans.
Luxembourg’s Minorco shot up US$1.19 on volume of 6.8 million shares to close at US$18; Rio Tinto lost $1.38 to close at US$54.50. Stillwater Mining rose $1.26 to close at US$27.38 on strength within the platinum-palladium market.
Among the juniors, Alta Gold, listed on the Nasdaq, plunged 53 cents to close at US50 cents after announcing a fourth-quarter loss and startup problems at the Olinghouse gold mine in Nevada.
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