Resource-related stocks were generally up in the pre-holiday trading period on American equity markets, though the broader market moved sideways. The Standard & Poors 500 index was up 8.74 points to 1,268.66, with the Dow Jones Industrial Average making an even slimmer gain.
Gold equities continued to attract buyers even though gold bullion prices rebounded gently off a 1-month low of US$489 per oz. on Dec. 21. Newmont Mining, the bellwether of the gold sector, was up US$1.79 at US$51.94, while AngloGold Ashanti picked up US$1.39 to finish at US$48.01.
Hecla Mining, which rose US43 to US$3.98, announced it had filed a shelf registration with the Securities and Exchange Commission to allow it to issue up to US$175 million in common shares and warrants “in connection with business combination transactions.” Hecla did not say it had particular acquisitions in mind.
The base metal producers weren’t quite as buoyant as the golds, but there was still a yearly high trade on Anglo American, which closed US89 higher at US$34.42 having traded as high as US$34.50. Phelps Dodge racked up a US$6.39 gain to finish the period at US$146.75 and other copper producers saw rises as well: Southern Peru Copper jumped US73 to US$68.05 and BHP Billiton vaulted US71 to US$33.04. Rio Tinto rose US$7.24 to US$183.29 and Freeport-McMoRan Copper and Gold shot US$2.11 higher to US$55.11.
Among American juniors, two development-stage companies touched new highs: Nevada explorer U.S. Gold made a new high of US$3.96 and settled US45 higher at US$3.70, while Montana copper player Mines Management hit US$8.40 before settling at US$6.91 for a gain of US35.
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