Anticipation buoys the market

U.S. stock markets climbed higher during the April 19-25 period. The S&P 500 index rose 16.12 points to close at 1,162.10 points, while the Dow Jones Industrial Average added 171.22 to finish at 10,242.47.

Once again, Alcoa led the way in volume among mining stocks, with 23.9 million shares changing hands. The stock fell US15 to close at US$29.44. Alcoa has negotiated a US$1-billion, 5-year revolving credit agreement with a syndicate of lenders.

Five mining stocks traded more than 10 million shares apiece.

Newmont Mining rose 7 in anticipation of the earnings report for the first quarter of 2005. The stock closed at US$40.92 after 15.4 million shares crossed the floor.

Similarly, Kerr McGee traded 13.9 million shares and rose US$2.24 to close at US$79.34, with first-quarter earnings about to be released. Phelps Dodge was up US$3.15 for the same reason; it closed at US$91.55 on a volume of 11.6 million.

Harmony Gold Mining traded 6.3 million shares and posted a third-quarter loss of US$1.07 per share. The stock closed at US$6.54, down 9%. The loss reflects a higher South African rand, a strike, and high restructuring costs.

Over-the-counter trader Uranium Resources was 17.5% higher, closing at US47 on a volume of 1.8 million shares. There was no news to account for the rise.

Andresmin Gold, on the other hand, fell 10.5% to close at US38 on a volume of 1.6 million shares. The company closed a private placement of 909,091 units for proceeds of US$500,000.