Market rally gathers steam

Denver — The Dow Jones industrial average chugged ahead, gaining 444 points, or 4.2%, in the April 25-May 1 report period to close at 10,898.34, its highest point since mid-February.

Most issues were up, despite little movement in the gold price, which stayed at US$264.40 on the Comex division of the New York Mercantile Exchange. Newmont Mining jumped $1.86 to US$19.01, notwithstanding a first-quarter loss; South Africa’s AngloGold surged 95 to US$18.45; Ashanti Goldfields was up nearly 20% to US$2.47, for a gain of 40; Meridian Gold hit a new 12-month high of US$8.55, up 70 per share; Nasdaq-listed Harmony Gold Mining improved 22 to US$5.02; Glamis Gold grew 20 to US$2.20; and Peru’s Compania de Minas Buenaventura climbed $1.27 to US$15.40.

Comex copper firmed-up to US77 per lb., helping Phelps Dodge to a $2.34 gain to close at US$45.88. Class A and B shares of Freeport-McMoRan Copper & Gold were up 10 and 44, respectively, to close at US$12.75 and US$14.44. Rio Tinto edged up $2 to US$81, while Australia’s WMC improved 95 to US$19. Meanwhile, BHP slipped 25 to US$22.45.

Nasdaq-listed De Beers Consolidated Mines surged $3.01 to US$41.96 after the Anglo American-led consortium bumped up its takeover bid to US$18.6 billion. Anglo American slipped a dime to US$64.80; Apex Silver Mines rose 73 to US$9.47, despite weakness in the silver market; Coeur d’Alene Mines was up 14 to US$1.34; platinum-miner Stillwater Mining advanced $2.40 to US$31.30; and junior producer Golden Star Resources jumped 12 to US60.