U.S. stock markets rose and fell over the period Jan. 26-Feb. 1. The S&P 500 index ended the period at 1,189.41 points, having risen 21 points, and the Dow Jones Industrial Average fell 90.4 points, to close at 10,461.56 points.
Alcoa led the way in volume, trading 19.6 million shares and rising $1.19 to close at $29.56. The company signed a memorandum of understanding with the government of Ghana. The deal covers all facets of aluminum production, from bauxite mining to alumina refining and aluminum production, as well as infrastructure upgrades. In addition, Alcoa completed the purchase of two fabricating facilities in Russia.
Newmont Mining was down 18, to close at $41.44, on a volume of 14 million shares. The World Bank’s investment unit said its 5% stake in the Yanacocha mine in Peru is up for sale. Newmont already owns a majority stake in the mine.
Phelps Dodge saw its shares fall $4.22 after reporting an increase in fourth-quarter earnings to US$341.1 million, up from $125.3 million a year earlier. The company predicted lower copper production and higher costs for the first quarter. Shares finished at $95.70 on a volume of 12.7 million.
Aberdene Mines, which trades over the counter, rose 44% to close at 46. The company reported drill results from its New York Canyon Copper project in Nevada. Two holes were drilled; one cut 59 metres grading 0.58% copper and 0.5% copper oxide, while the other hit 105 metres of 0.4% copper and 0.012% molybdenum.
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