TSX moves up during the July 16-20 week

The S&P/TSX Composite Index gained for four straight sessions during the July 16-20 trading week, before dipping on July 20 to end at 11,622.91 points, up 108.38 points from where it began.

The S&P/TSX Capped Diversified Metals & Mining Index also eked out a 9.19-point gain to close at 835.60 points.

Over the week, the spot price of gold advanced US$5.40 per oz. to US$1,584. However, this didn’t help lift the gold miners as the S&P/TSX Global Gold Index slipped 6.26 points to 282.75.

Meadow Bay Gold was the week’s biggest percentage gainer, advancing 40% to close at 58¢. The boost came after the company reported a resource estimate for its Atlanta gold mine project in Nevada’s Lincoln County.

Using a cutoff of 0.5 gram gold, the estimate calculated the project’s Main and East-West zones contain a combined 1.46 million tonnes grading 1.56 grams gold per tonne and 4.52 grams silver per tonne for 77,074 gold-equivalent oz. in indicated, plus another 753,674 tonnes grading 1.34 grams gold and 7.84 grams silver for 36,065 gold-equivalent oz. in inferred.

The company says the estimate doesn’t include the majority of the results from its 2011 drill program and is working on updating the resource.

TriAusMin is still basking in the glow of the drill results released on July 12. The company gained 33% to close at 10¢ after reporting that the recently completed drill program at its Woodlawn property near Sydney demonstrates that the previously mined ore lenses extend below the past-producing underground mine. It also located a new ore lens closer to surface.

Some highlight intercepts from the program include: 14.5 metres grading 3.66% copper, 3.71% lead, 11.72% zinc, 121 grams silver and 1.92 grams gold per tonne, and 9.9 metres of 1.64% copper, 1.22% lead, 6.09% zinc, 14 grams silver and 0.72 gram gold.

TriAusMin says the next step will include delineating a resource that it could use to support a prefeasibility study.

Baja Mining was the week’s biggest loser, plummeting 36% to 9¢ a share after it said on July 13 that it has yet to receive any funding proposals to help cover the cost overruns at its Boleo copper-cobalt-zinc project in Mexico. Most analysts say it’s unlikely that Baja will announce financing before August 1, the deadline set by its lenders to raise more funds so it can continue accessing its project loans.

Following media reports that the recent drought affecting farmers across the United States will increase corn prices, fertilizer producers Agrium and Potash Corp. of Saskatchewan became the week’s biggest value gainers, advancing $5.46 to $96.72 per share, and $1.52 to $46.01 per share, respectively.

During the week, Agrium also upped its second-quarter earnings guidance for the second time since May. The major is now expecting earnings per share of $5.40-$5.50 for the quarter, up from its original $4.18-$4.78 range in May. BMO Research reckons that the increase stems from better retail sales.