The U.S. markets enjoyed an uneventful four trading days surrounding the American Thanksgiving holiday, with the Dow Jones Industrial Average sliding 28.78 points to 9,872.60 and the Standard & Poors 500 Index adding 6.84 to close at 1,142.66.
Positive news on base metal prices moved most of that sector’s majors higher. Alcoa was the most active, with 8.5 million shares moving as it rose US44 to US$38.28. Phelps Dodge picked up a whacking US$2.23 to finish the report period at US$36.07. Freeport-McMoRan Copper & Gold tacked on US71 to close at US$12.34, while parent Rio Tinto was up US$1.60 at US$76. Southern Peru Copper added US33 to finish at US$11.24.
The golds were broadly positive as well, with the U.S. dollar weakening generally against other currencies. Newmont Mining led the gold stocks on volume, closing US12 higher at US$19.47 with 7.2 million shares changing hands. Rival suitor for Normandy Mining, AngloGold, was up US40 at US$17.90. Both companies’ offers for Normandy now clock in near A$1.44 a share, though Newmont is offering an additional A5 if 90% of shares are tendered to its offer.
ADRs of the other South African miners were stronger too, with non-hedgers Harmony Gold Mining up US67 at US$5.70 and Gold Fields up US27 at US$4.72. Durban Roodepoort Deeps added US4 to finish at US$1.21.
Stillwater Mining is seeing its share price stabilize as palladium prices find support. Stillwater was down US47 at US$15.25 on a volume of just under a million shares.
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