U.S. stock markets ended slightly higher over the April 26-May 2 period. The S&P 500 index rose 0.06 point to close at 1,162.16, while the Dow Jones industrial average rose 9.23 points, finishing at 10,251.70. However, mining stocks failed to rise: seven traded more than 12.5 million shares apiece, but none increased in value.
Newmont Mining was at the forefront, trading 29 million shares. This volume surpassed the second-most-traded stock by more than 10 million shares. Newmont’s share price fell US$3.20 following the announcement that first-quarter earnings had declined to US$84 million, compared with US$87 million a year earlier. The company blamed higher operating costs and lower sales.
Trading in Alcoa totalled 18.7 million shares, as the stock fell US25, to US$29.19. Alcoa reported it had produced new alloys and parts used in the design of the new Airbus A380.
Shares in Phelps Dodge dropped US$4.44 to close at US$87.11, despite news that earnings in the first quarter were US$182.3 million higher than they were a year earlier. More than 15.7 million shares changed hands.
Bema Gold bought an additional 2 million units in Vancouver-based Victoria Resource, maintaining a 32.2% interest in the latter’s issued and outstanding shares. Bema’s shares took a dive on the news, falling 17% on a volume of 5.9 million shares and ending at US$1.95.
Shares in Northgate Minerals fell 15.5% following the release of first-quarter results. Northgate lost US$10.4 million during the 3-month period despite having produced 50,540 oz. gold and 14.7 million lbs. copper at the Kemess mine in British Columbia. In the corresponding quarter of 2004, income totalled US$39,000.
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