US markets

The Dow Jones Industrial Average and the S&P 500 Index posted gains for the sixth consecutive week, buoyed by comments from German Chancellor Angela Merkel that she supports the European Central Bank’s efforts to fight debt, and better-than-expected U.S. consumer-sentiment data. The Dow gained 67.25 points, or 0.51% to close at 13,275.20, while the S&P 500 Index rose 12.29 points, or 0.90% to 1,418.16 — within reach of its April high of 1,419.04. The Philadelphia Gold and Silver Index climbed 1.64 points, or 1.04%, to finish the trading week at 160.01.

Agrium advanced US$2.66 per share to US$99.89 after its board said spinning off its retail operations was not in the best interests of shareholders. One of Agrium’s shareholders, hedge fund Jana Partners, has been pressuring the fertilizer group to split the company into separate retail and wholesale businesses. The retail arm makes up 30% of the company’s earnings. Agrium’s share price has risen 40% this year.

Shares of Potash Corp. of ­Saskatchewan rose 70¢ to close at US$44.14. PotashCorp announced that the oversupplied potash market is forcing it to temporarily shut down its Lanigan mine in Saskatchewan from Sept. 15 to Oct. 13. Potash inventories in North America were 30% above the five-year average in July.

Ur-Energy shares posted the week’s second-largest percentage gain, jumping 21% to US$1.14 after the company received the final environmental impact statement from the U.S. Bureau of Land Management for its flagship Lost Creek project. The BLM chose drying yellowcake on site as its preferred alternative, which involves building a drying and packaging facility inside the processing plant. With this method, the company can cut shipments from site, cause fewer disturbances to wildlife and better protect air quality.

Molycorp’s decision to raise US$450 million in convertible senior notes and common equity sent its shares plunging US$3.06 to US$9.84. Some US$150 million will be common stock and US$300 million will be senior notes due in 2017. Molycorp, which is developing its Mountain Pass rare-earth mine in California, said the money will be used for operating expenses, working capital, capex and other requirements this year and next.

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