Markets stable in US

U.S. stock markets were relatively stable over the period March 29-April 4. The S&P 500 index rose 1.84 points to close at 1,176.12 points, whereas the Dow Jones Industrial Average fell 64.51 points, closing at 10,421.14 points.

Alcoa led the way in volume among mining stocks, rising US3 to close at US$30.08 on a volume of 22.6 million shares. It rated no. 79 on the list of Fortune magazine’s 2005 ranking of the 500 largest publicly traded U.S. companies. Exxon Mobil ranked second but topped the profits list with earnings exceeding US$25 billion. Over the past three months, Exxon had an average daily volume of 18.1 million shares; in the 5-day period under review, it traded 107.8 million shares and rose US$2.38 to close at US$60.65.

Golden Star Resources was up 13.5%, or US35, to close at US$2.93 on a volume of 2.2 million shares. The company’s Wassa gold mine in Ghana is up and running at its design capacity of 10,000 tonnes per day. The power connection to the national grid is advancing toward completion and hook-up should reduce the cost of gold production by US$80 per oz.

Bema Gold was up US21, or 8.7%, closing at US$2.61. The company reported a 2004 loss of US$80 million. However, Bema reported a 6% increase in gold revenue in 2004, despite a reduction in gold production at its Julietta mine in Russia, owing mainly to a warehouse fire, and higher operating costs at Petrex because of the increased strength of the South African rand. The Kupol gold-silver project feasibility study will likely be completed next month.

DRDGOLD (formerly Durban Roodepoort Deep) fell almost 18%, to US84, with 8.3 million shares trading hands. The company plans to issue new shares in order to raise US$29.07 million. Recently it closed its South African North West gold mines.

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