Modest gains and losses

U.S. stock markets fell over the period March 9-15. The S&P 500 index ended the period 21.7 points lower, at 1,197.75 points, and the Dow Jones Industrial Average fell 167.5 points, to close at 10,745.10 points.

Alcoa led the way in volume, trading 18.4 million shares, and gained US73 to close at US$31.59. The company is restructuring its salaried employees in the Quad Cities area of the U.S. Midwest, reducing the salaried workforce by 20%.

Newmont Mining was down US53, to close at US$45.12, on a volume of 12.6 million shares. The company reported net income for 2004 of US$443.3 million (US$1 per share); that’s US$9 million higher than results reported last month, owing to a deferred tax adjustment.

Queenstake Resources lost 20%, to end at US25 on a volume of 1.9 million shares. The company reported unaudited financial results for 2004. Queenstake produced 243,333 oz. gold at a cash operating cost of US$336 per oz. and has reported a net loss of US$22.1 million for the year ended Dec. 31.

A couple of companies that trade over-the-counter saw increased activity and value over the period. Andresmin Gold rose US19, or 24%, to US97, with 9 million shares changing hands. The company increased its authorized share capital to 250 million from 100 million shares. Andresmin is focused on gold and base metal exploration in Peru.

Bullion River Gold rose 13% to US$1.23 on a volume of 1.1 million shares. The company reported hitting high-grade gold at least 200 ft. below previously mined levels at its French Gulch mine in California.