Alcoa a volume leader

U.S. stock markets rose over the period Jan. 12-18. The S&P 500 index gained 13 points to close at 1,195.98 and the Dow Jones Industrial Average was up 72.6 points, at 10,628.79.

Three mining companies’ stocks traded more than 10 million shares each.

Alcoa led the way in volume, trading 19.8 million shares. The stock rose 12 to close at $29.77. Revenue increased 11% between 2003 and 2004, and the debt-to-capital ratio declined to 29.3%, the lowest level in five years.

Despite no news, Newmont Mining traded almost 13 million shares; the stock price rose US2 to close at $42.46.

CVRD rose 10% even though the Brazilian Justice Ministry’s Department for Economic Rights (SDE) stated that CVRD’s acquisition of certain Brazilian companies could harm competitiveness. Brazil’s main anti-trust agency, Cade, will now have to consider the case. Shares finished the period up US$2.69 at US$28.98.

Phelps Dodge rose US$5.29 to close at US$101. The company has scheduled a fourth-quarter conference call for Jan. 27.

Queenstake Resources fell 26%, or US10, to close at US28. The company reported that gold production, at 60,383 oz., was 19% lower than anticipated during the fourth quarter; production for the year totalled 243,333 oz. gold.

Freeport-McMoran Copper & Gold was up US$2.89 to close at US$38.20. The company reported fourth-quarter earnings of US$212.5 million, or US$1.08 per share, due in part to production from higher-grade ore from the Grasberg open pit in Indonesia.