The Dow Jones Industrial average ended the April 8-14 report period on a high note, closing above the 9,100 mark for the first time. The average was up 153.70 points, or 1.7%, for the week.
On the New York Stock Exchange, copper companies, spearheaded by Phelps Dodge, staged a rally on generally stronger metal prices. The Phoenix-based producer jumped $5.31 from the previous week to close at US$69.81 after reporting record production and strong earnings for the first quarter of 1998.
Other copper producers followed suit, with Asarco showing a gain of 75cents to close at US$27.25 and Cyprus Amax Minerals closing up 70cents to US$17.50. Freeport McMoRan Copper & Gold closed up just 19cents at US$20.69.
Australia’s Broken Hill Proprietary was up 48cents on trading in New York, closing at US$20.38.
Gold issues fell slightly during the week on weakness in the yellow metal, with Newmont Gold falling 69cents to US$32.31; Newmont Mining was unchanged at US$31.94. Africa’s Ashanti Goldfields slid 39cents to US$10.06, while Homestake Mining dropped a quarter to close at US$11.50. Getchell Gold, listed on the American Stock Exchange, slipped $1 to US$22.25.
Stillwater Mining got a boost from metals prices as palladium closed above gold for the first time. The Denver-based producer closed up 89cents at US$27.44.
American Depository Receipts for DeBeers Consolidated Mines, listed on Nasdaq, ended the week up $1.56 to close at US$23.44. ADR’s for Rio Tinto, listed on New York, also closed up $1 for the week at US$54.25.