Continuing to set new records, the Dow Jones Industrial Average touched a lofty high of 12,167 before closing the Oct. 24-30 session down 30.41 points at 12,086.5. The broad market S&P 500 Index held almost even over the week to close up just shy of a point at 1,377.93.
Goldcorp, up US83 at US$25.40 per share, lodged strong volume of over 55 million in New York trading as it moved towards absorbing Glamis Gold in a friendly deal.
Brazilian mining giant Companhia Vale do Rio Doce saw almost 40 million shares change hands over the week as it digested its Inco acquisition. The company, which recently cleaned house by removing most of Inco’s board of directors, is now moving to take up the remaining 26% of the nickel producer not yet in its hands. CVRD closed up US18 at US$24.92 per share.
Shares of American aluminum major Alcoa continued to post gains, notching up US71 to US$28.26 on volume of 41 million, following strong third-quarter results.
Denver, Colo.-based Newmont Mining was buoyed by stronger gold prices, closing up a quarter at US$44.50 on 33.5 million shares of volume. The market awaits its third-quarter results with the company recently warning of a temporary decline in gold output until mines in Nevada, Ghana and Australia come fully on-stream by 2009.
The world’s largest private sector coal company, Peabody Energy, pulled back off a several-week high of US$44.65 to close the session at US$42.54 on trading volume of 28 million shares. The company recently reported third-quarter net income of US$142 million and is also poised to acquire Aussie company Excel Coal, which is expected to triple its coal output in Australia to supply the growing Asian markets.
Riding a strong copper and molybdenum market, Phelps Dodge posted record net income of US$888 million in its third quarter. It closed the week down US$1.85 on volume of 25 million at US$98.12 per share after floating in near record-high territory of over US$101. The company tabled expansion and development plans at three projects (Cerro Verde in Peru, Safford in Arizona, and Tenke Fungurume in the Democratic Republic of the Congo).
U.S. greatest percentage change
| VOLUME (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| McKenzie Bay* | MKBY | 1335 | 0.135 | 0.07 | 0.12 | +55.8 |
| Shoshone Silv* | SHSH | 40 | 0.23 | 0.17 | 0.23 | +53.3 |
| Pine Valley M* | PVMCF | 1986 | 0.09 | 0.04 | 0.075 | +36.3 |
| Trend Mng* | TRDM | 1578 | 0.125 | 0.065 | 0.10 | +33.3 |
| Mayfair Mg&Ml* | MFMM | 33 | 0.65 | 0.50 | 0.65 | +30.0 |
| Wealth Minls* | WMLLF | 83 | 1.37 | 1.051 | 1.34 | +26.8 |
| NT Holding* | NTHH | 52 | 0.39 | 0.32 | 0.35 | +25.0 |
| Cusac Gold Mn* | CUSIF | 763 | 0.236 | 0.16 | 0.211 | +24.8 |
| Silverado* | SLGLF | 10501 | 0.057 | 0.048 | 0.057 | +16.3 |
| Intl Coal Gp* | ICO | 4269 | 5.43 | 4.54 | 5.33 | +14.1 |
| Sao Luis Mng* | SAOL | 1007 | 1.80 | 0.88 | 1.02 | -38.1 |
| Diamond Discv* | DMDD | 1277 | 0.008 | 0.005 | 0.005 | -37.5 |
| Lafayette Mng* | LYMGF | 35 | 0.06 | 0.05 | 0.05 | -28.5 |
| Homeland Pr M* | HPMEF | 29 | 0.66 | 0.55 | 0.55 | -15.3 |
| Klondike Star* | KDSM | 464 | 3.50 | 3.00 | 3.00 | -14.2 |
| Liberty Star* | LBTS | 7376 | 1.27 | 0.801 | 1.12 | -12.5 |
| Linux Gold* | LNXGF | 412 | 0.30 | 0.245 | 0.27 | -11.4 |
| El Capitan Pr* | ECPN | 1158 | 1.07 | 0.92 | 0.94 | -11.3 |
| Peru Copper* | CUP | 702 | 4.15 | 3.67 | 3.71 | -9.7 |
| Madison Minls* | MMRSF | 387 | 1.17 | 1.02 | 1.04 | -9.5 |
U.S. greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Potash C Sask* | POT | 2441000 | 127.18 | +8.08 |
| Foundatn Coal* | FCL | 3389100 | 36.60 | +2.88 |
| Agnico-Eagle* | AEM | 5128600 | 36.49 | +2.15 |
| Alcan* | AL | 7678200 | 45.30 | +2.15 |
| StreetTr Gold* | GLD | 3975900 | 59.90 | +1.55 |
| Arch Coal* | ACI | 10045700 | 34.56 | +1.17 |
| Massey Energy* | MEE | 7157700 | 25.23 | +1.11 |
| Glamis Gold* | GLG | 5257300 | 42.65 | +1.09 |
| Alumina Inc* | AWC | 213700 | 21.01 | +1.01 |
| Goldcorp* | GG | 20576700 | 25.40 | +0.83 |
| Soc Quim&M Ch* | SQM | 58300 | 121.28 | -3.02 |
| Yanzhou Coal* | YZC | 116400 | 34.01 | -2.08 |
| Southern Peru* | PCU | 4344000 | 50.57 | -2.08 |
| Phelps Dodge* | PD | 11570800 | 98.12 | -1.85 |
| Rio Tinto* | RTP | 773000 | 216.86 | -1.56 |
| Gold Fields* | GFI | 10363200 | 16.50 | -1.15 |
| BHP Billi-BBL* | BBL | 154400 | 38.40 | -1.14 |
| BHP Billi-BHP* | BHP | 5276300 | 42.25 | -0.96 |
| OM Group* | OMG | 1428700 | 57.58 | -0.92 |
| Anglo Americn* | AAUK | 1815705 | 22.39 | -0.73 |
U.S. most active issues
| VOLUME | (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| AuGrid* | AUGC | 293951 | 0.00 | 1.0E8 | 0.00 | 0.00 | |
| CVRD* | RIO | 20735 | 25.88 | 24.26 | 24.92 | +0.18 | |
| Goldcorp* | GG | 20577 | 25.75 | 22.59 | 25.40 | +0.83 | |
| Alcoa* | AA | 20044 | 28.70 | 27.27 | 28.26 | +0.71 | |
| Goldspring* | GSPG | 19024 | 0.007 | 0.004 | 0.006 | 0.00 | |
| Newmont Mng* | NEM | 15315 | 45.49 | 42.61 | 44.50 | +0.25 | |
| Equitable Mng* | EQBM | 14171 | 0.008 | 0.005 | 0.007 | 0.00 | |
| Peabody Enrgy* | BTU | 12023 | 44.65 | 41.34 | 42.54 | +0.80 | |
| Barrick Gold* | ABX | 11832 | 30.92 | 29.83 | 30.24 | -0.61 | |
| Phelps Dodge* | PD | 11571 | 101.44 | 96.00 | 98.12 | -1.85 |
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