MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow, metals hold steady

The Dow Jones industrial average sustained a minor loss for the report period ended July 27, falling 17.06 points, or 0.2%, to close at 10,979.06.

Mining issues were mixed heading into quarterly earnings season, while commodity prices held steady. Homestake Mining picked up 31 cents to close at US$7.81 after reporting second-quarter income of US$100,000 (nil per share) on heavy trading on the New York Stock Exchange.

Class A and B shares of Freeport-McMoRan Copper & Gold gained 25 cents and 31 cents to close at US$16.50 and US$17.50, respectively. The company posted earnings of US$19 million (12 cents per share) for the quarter.

Asarco posted a loss of 53 cents per share, sending shares down 38 cents to US$17.62, while its merger partner, Cyprus Amax Minerals, slipped 31 cents to finish the week at US$12.88.

Mid-size Meridian Gold posted a loss of 7 cents per share, on par with last year’s second quarter, sending shares up US19 cents to US$4.19.

Among the big movers for the week, Phelps Dodge dove $6.25 to close at US$57.69, though no explanation for the movement was provided.

Australia’s Broken Hill Proprietary sank 93 cents to US$22.69 and Rio Tinto lost 94 cents to finish at US$69.56, as copper prices edged slightly lower to 75 cents per lb. on the Comex division of the New York Mercantile Exchange.

Southern Peru Copper slid 44 cents to US$14.06 after the company stated that adverse weather had reduced production by 60 million lbs.

Gold producer Newmont Mining advanced $1 to US$16.06 and Anglogold added 37 cents to close at US$20.31 amid a minor improvement in the gold price, to US$254.40, on Comex. Peru’s Buenaventura rose $1 to US$15.

Print

Be the first to comment on "MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow, metals hold steady"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close