A quarter-point move in U.S. interest rates didn’t dampen enthusiasm on Wall Street in the reporting period Nov. 10-16. The Dow Jones Industrial Average, at 10,487.65, and the S&P 500, at 1,175.43, were both about 1% higher after generally buoyant economic news and a slide in the price of crude oil.
Gold prices were edging higher most of the period, finishing near US$440 per oz. That was good for most of the gold equities, with AngloGold Ashanti up US$3.03 to US$41.27 and Newmont Mining up US85 to US$49.20. Among the few that lost ground were Minas Buenaventura, down US33 at US$24.82, and Lihir Gold, off US$1.05 at US$19.20.
Among the mid-tiers, Coeur d’Alene Mines was down US45 at US$4.66. The silver producer announced plans for an issue of 25 million shares, which would give it 238 million shares outstanding.
Gold Fields was up US69 to US$14.59 on the period; management said that shareholders had strongly backed management against the hostile takeover bid by Harmony Gold. Harmony, in turn, was US4 better at US$11.30, and accused Gold Fields of trying to suborn one of its employees to act as an informer in the increasingly acrimonious battle.
Over on the base metals side, equities were strong again as metal prices continued upward. Phelps Dodge gained US$3.04 to close at US$95.33, BHP Billiton added US49 to close at US$21.84, and Southern Peru Copper pushed up US$1.27 to close at US$46.60.
Takeover target WMC Resources was US$1.87 higher at US$22.55. No rival bidders have yet appeared to take on Xstrata.
Be the first to comment on "Markets up, miners follow"