In the report period ended April 13, the Dow Jones industrial average finally closed above the 10,000 mark, finishing the week at 10,395.01, up 433.52 points, or 4.3%.
Strength in the gold and copper markets resulted in steady gains for producing companies. The yellow metal edged upward to US$284.10 on the Comex division of the New York Mercantile Exchange — a rise triggered by the Balkan conflict in Eastern Europe. This pushed Newmont Mining, listed on the New York Stock Exchange, $1.63 higher to US$18.69.
Homestake Mining gained 50 cents to close at US$8.88, after announcing 80 layoffs at its Super Pit in Australia. Hecla Mining climbed out of the cellar with a gain of 26 cents to close at US$2.89.
Getchell Gold, listed on the American Stock Exchange, rose 94 cents to reach US$26.50, while Lihir Gold, on Nasdaq, advanced 62 cents to close at US$17.62.
Copper producers fared well as the red metal reached US65 cents per lb. in response to speculation of production cuts.
Class A and B shares of Freeport-McMoRan Copper & Gold climbed 62 cents and 69 cents to close at US$10.50 and US$11.31, respectively.
Australia’s Broken Hill Proprietary increased 68 cents to US$18.06, while Southern Peru Copper rose 69 cents to US$10.81. Phelps Dodge gained 50 cents to close at US$50.44, beating market expectations with net income of 1 cents per share in the first quarter.
Nasdaq-listed Anglo American spurred South African issues, leaping $5 per share to close at US$41.25. De Beers Consolidated Mines rose $1.33 to US$20.69.
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