Market dips third straight week

The Dow Jones industrial average continued its losing ways, slipping 157.97 points, or 1.5%, during the report period ended Sept. 26 to close at 10,631.32.

The market is bracing itself for a rocky earnings season, which is putting off most mining issues. Newmont Mining lost 81 to close at US$16.38, though the price of gold increased to US$273.90 on the Comex division of the New York Mercantile Exchange. AngloGold picked up 19 on the rebound to close at US$18.31.

Nasdaq-listed Gold Fields fell 35, a loss of 10%, to US$3.03 after the South African government nixed its plan to merge with Toronto’s Franco-Nevada Mining. Homestake Mining dipped 19 to US$5, while Meridian Gold rebounded 13 to US$6.19.

Comex copper held firm at US92 per lb., though Phelps Dodge slumped 56 to US$41.44. Class B shares of Freeport-McMoRan Copper & Gold lost 43 to US$8.69, and Australia’s Broken Hill Proprietary fell $1.12 to US$21.50. Southern Peru Copper was down 32 to US$14.56.

Silver prices improved slightly, while remaining under US$5 per oz. Nonetheless, Coeur d’Alene Mines fell 44 to US$1.44, while Apex Silver Mines shed 24 to US$9.88. Hecla Mining lost 18 to close at US86.

London mining house Rio Tinto plunged $3.87 to US$60.88, while Anglo American was off 94 to US$50.94. De Beers Consolidated Mines sunk $1.44 to US$24.50 and WMC slipped 56 to US$16.69. On the upside, platinum producer Stillwater Mining climbed 75 to close at US$28.