Broad advance for US miners

The trading period April 30-May 5 was broadly positive for U.S. markets, with the Dow Jones Industrial Average advancing 85.37 points to 8,588.36 and the broader-based Standard & Poor’s 500 index up 16.55 to finish at 934.39 points.

Steadily rising gold prices — aided by a falling U.S. dollar — meant the golds picked up the best gains. Newmont Mining was up US$2.11 to $28.45, while trans-Atlantic rival AngloGold tacked on US$2.61 to finish at US$30.55. Gold Fields rose a comparatively modest US17 to close at US$10.13, while Ashanti Goldfields picked up US82 to finish the period at US$5.99.

The gains were even more pronounced among the mid-tier and small gold producers. Harmony Gold was up US94 at US$11.41, while Durban Roodepoort Deeps tacked on US21 for a close of US$2.42. Two big gainers were Hecla Mining, up US56 at US$4.23, and Randgold Resources, which closed at US$17.05, up US$2.09.

Platinum-group producers felt the effect of firming prices for the white goods. Stillwater Mining was up US79 at US$3.32, while South African miner Anglo American Platinum jumped US$3.80 to US$31.80.

On the base metal side, Anglo American saw the biggest percentage gain among the majors, adding US$1.17 to finish at US$14.92. Phelps Dodge was US36 better at US$31.96, and Freeport-McMoRan Copper & Gold rose US75 to US$18.20. One of the few mining stocks to lose ground was Australian producer WMC, which was off US13 at US$10.67.

Print

Be the first to comment on "Broad advance for US miners"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close