Early in the report period Sept. 23-29, the Dow Jones industrial average jumped over 200 points. Holding more-or-less steady for the rest of the week, the average closed at 8,080.52, up 183.32 points (or 2.3%).
Gold issues got a shot in the arm on a price surge early in the week. Amex-listed Getchell Gold jumped $5.62 to close at US$19.12 for an increase of more than 40%. On the New York Stock Exchange, many of the large gold producers benefited as well, including South Africa’s Anglogold, which leapt $5.25 to US$26.82 for an increase of 24%.
Shares of Newmont Mining and its 94%-owned subsidiary, Newmont Gold, gained $3.75 and $3.19, respectively, to close at US$23 and US$24.19. Newmont Mining announced its intention to acquire the rest of Newmont Gold.
Homestake Mining rose $1.06 on trading of more than 10.7 million shares to close at US$11.81 per share. Battle Mountain Gold also climbed $1.06, to close at US$5.94 for a gain of 22%.
On the Nasdaq, Lihir Gold skyrocketed $4 to US$26.25, even though the company trimmed its 1998 gold production forecast to 530,000 oz. from 600,000 oz.
Silver and base metal producers also fared well during the week. Phelps Dodge, on New York, gained $4.93 to close at US$54.62 as copper staged a small rally. Hecla Mining rose 81 cents to finish the week at US$4.75, while Asarco climbed 56 cents to US$19.06. On the American Exchange, Apex Silver advanced 75 cents to US$9 per share.
Stillwater Mining added $2.38 for a new high of US$31.50. The company has increased in value by 80% over the past month.
Be the first to comment on "MINING MARKETS & INVESTMENT NEWS — Producers up on gold’s strength"