The Dow Jones industrial average jumped 461.93 points, or 4.3%, during the report period ended Aug. 17 at 11,117.08, again climbing toward an all-time high.
Aluminum took the spotlight as industry leader Alcoa, countering the previous week’s 3-way merger proposal led by Toronto-listed Alcan, offered to take out Reynolds Metals in a US$4.2-billion deal. Reynolds jumped $12.50 to US$68.38 on more than 16 million shares traded, while Alcoa closed up 31 cents to US$66.75 on 12 million shares traded.
Gold companies also fared well as the metal price rose to US$262.10 on the Comex division of the New York Mercantile Exchange. Here, too, the industry leader blazed the trail, as Anglogold advanced US$1.68 to close at US$26.56.
Newmont Mining added 25 cents to close at US$20.44 on the New York Stock Exchange, Ashanti Goldfields picked up 75 cents to close at US$7.62, and Homestake Mining gained 31 cents to finish the week at US$8.81.
Copper prices remained steady at 77 cents per lb. on Comex, despite ever-increasing stockpiles. Phelps Dodge jumped $3.13 to US$60.44, Asarco picked up 75 cents to close at US$18.81, and Cyprus Amax Minerals added 63 cents to finish at US$14.19.
Class A and B shares of Freeport-McMoRan Copper & Gold did not benefit from the rising tide, having sunk 38 cents and 56 cents to close at US$15.81 and US$17.38, respectively.
American Stock Exchange-listed Stillwater Mining added $1 to close at US$23.62, whereas Nasdaq-listed De Beers Consolidated Mines was up $2.44 to US$29.
Among the juniors, Chief Consolidated Mining rose 74 cents to US$4.12.
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