US markets up over the holidays

Markets in the U.S. enjoyed a modest boost over the Dec. 21-Jan. 1 report period, with the Dow Jones Industrial Average rising 36.32 points to surpass the 10,000-mark and the Standard and Poor’s 500 adding 8.15 points to close at just over 1,148.

AngloGold and Newmont Mining once again took centre stage as their battle for Normandy Mining took another unusual twist. Citing a possible alliance with Barrick Gold, AngloGold increased its bid for Normandy but not enough to counter Newmont’s existing offer. AngloGold ADRs slipped 35 to $18.06, whereas Newmont climbed 40 to US$19.11 on a volume of 9.9 million shares to make it the second-most active issue in American markets.

The remaining gold issues were a mixed bag: Ashanti Goldfields jumped 46 to US$4.25; Gold Fields slipped 7 to US$4.84; and Compania de Minas Buenaventura rose 97 to US$20.73. Ashanti downplayed speculation about its restructuring process, stating that several conditions must be met before its 5.5% notes maturing in 2003 can be converted.

Among the base metal issues, Phelps Dodge dropped 87 to US$32.40, Freeport-McMoRan Copper & Gold‘s B series climbed 24 to $13.39, and Southern Peru Copper sank 79 to US$11.95. Overseas titans Rio Tinto and Anglo American both marched forward, with the former vaulting $4.45 to US$78.30 and the latter climbing 25 to US$15.11.

Stillwater Mining jumped 85 to US$18.50 as platinum and palladium appreciated in value.