Dow edges off in slow trading

The Dow Jones industrial average turned in another slow week, falling 27.38 points (0.2%) to close at 11,233.23 for the report period ended Sept. 12.

Spot gold on the Comex division of the New York Mercantile Exchange slumped to US$272.90 per oz., though mining stocks barely reacted. Newmont Mining climbed 13 to close at US$18.69, while its Yanacocha partner, Minas Buenaventura, fell 31 to US$15.75. Nasdaq-listed Harmony Gold Mining dipped 13 to US$5.31.

Broken Hill Proprietary advanced 81 to US$23 as copper prices reached US93 per lb. on Comex. Southern Peru Copper picked up 69 to close at US$15, and Class B shares of Freeport-McMoRan Copper & Gold gained 44 to US$10.19. Phelps Dodge lost $1.38 at US$45.31.

Anglo American fell $2 to close at US$55.75, despite posting strong second quarter earnings. De Beers Consolidated Mines slumped $1.62 to close at US$26.94. Rio Tinto dropped $2 to close at US$67.25, while Australia’s Western Mining shed 31 to US$18.31.

The market thumped Stillwater Mining, which closed down $3 per share to close at US$30.62, after posting a 3-year operating plan for its namesake platinum-palladium mine. The plan called for throughput to rise to 2,800 tons per day by 2003, short of the company’s original estimate of 3,000 tons per day by 2001.

The big percentage gainers for the week came from juniors. Chief Consolidated Mining climbed 75 to US$3.75, while Crested Corp. jumped 12 to US25. Nasdaq-listed Crown Resources rose 20%, up 17 to close at US72.