S&P 500 on a roll, Aug. 25-29

The benchmark S&P 500 Index ended the week on a high note, finishing above the 2,000-mark for the third time during the trading week. The S&P 500 advanced 0.75% to 2,003.37, while the Dow Jones Industrial Average climbed 0.6% to finish at 17,098.45. The Philadelphia Gold and Silver Index posted a 2.4% gain finishing the week at 102.27, while the gold price rose US$6.40 per oz. to US$1,287.20. For the month of August, the Dow rose 3.2% and the S&P 500 climbed 3.8%.

Shares of Agrium advanced US$1.63 to US$94.63. On Aug. 28, a subsidiary of Agrium named Loveland Products Inc. entered into a commercialization and technology development agreement with Actagro LLC for soil and plant health nutritional products based on Actagro organic acids technology platform. The agreement gives Loveland expanded distribution, commercialization and development rights to the Eastern U.S., Canada and Australia.

Agnico Eagle Mines jumped US$1.02 to US38.28 per share in the wake of an update on exploration at its IVR project in Nunavut, 50 km northwest of its Meadowbank mine. Drilling in July and August expanded the scope of mineralization, which has now reached four zones. Recent drill intercepts have included 7.6 grams gold per tonne over 3.3 metres at 37 metres depth in the I-zone; 5.6 grams gold over 12.8 metres at 159 metres depth in the R-zone and 7.7 grams gold over 6.5 metres at 52 metres below surface in the Whale Tail zone.

Shares of Gold Fields jumped US59¢, or 13.8%, to US$4.84 per share. In August the company agreed to sell its 51% stake in the Chucapaca project in Peru to its joint-venture partner Buenaventura for US481 million and a 1.5% net smelter return royalty on any gold, copper and silver production. The sale is in line with Gold Fields’ strategy of growing cash flow and moving away from greenfields exploration and new project development as a growth strategy, in favour of acquiring in-production ounces and near-mine exploration and development, the company said.

Pretium Resources climbed 8.1% to US$7.42. Deep infill drilling has confirmed high-grade mineralization at Valley of the Kings, part of the Brucejack project in northwestern B.C. The best assay returned 335.65 grams gold per tonne over 2.1 metres.

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