Trading activity was down in the U.S. over the May 24-30 period due in part to markets being closed May 30 for Memorial Day. The S&P 500 index rose 4.92 points to close at 1,198.78 points and the Dow Jones Industrial Average rose 18.99 points closing at 10,542.55 points.
Just three mining stocks traded over 10 million shares apiece.
Kerr McGee topped the most traded list with 12.3 million shares changing hands. The stock rose US$2.18 to US$73.33. The company bought back 29% of its shares (46.7 million shares) for US$85 apiece in order to waylay an investor group from increasing its 6% interest in the company. The investment group planned to gain power so that it could influence the selection of board members.
Shares in Newmont Mining gained US$1.78, closing at US$37.59, on a volume of 11.7 million shares. The gold price rose US25 to US$418.25 over the period.
At 11.5 million shares, Alcoa traded over 4 million shares more than its nearest rival on the volume table. The stock fell US27 to close at US$27.47. The company is under investigation in Canada and elsewhere related to its sale and supply of aluminum fluoride.
DRDGold was up 19%, to close at US$1.12 on a volume of 7.4 million shares. The company closed its South African North West mines in March and South African Simmer & Jack Mines has been named the preferred bidder to revive two of the liquidated mines. The chairman of Simmer & Jack, Roger Kebble, was ousted as chairman of DRDGold in 2002.
Clifton Mining rose 33% to US$1.28 on a volume of 1.7 million shares. The company is appraising its mining claims, prior to filing a form 10-SB Registration Statement. In other news, Clifton is the largest individual shareholder of a private company, American Biotech Labs, which is testing an anti-malarial drug in West Africa.
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