TSX manages to move up, Feb. 25-March 1

Toronto’s main index managed to stay up during the Feb. 25–March 1 trading week, despite concerns over China’s slowed growth and the state of the U.S. economy.

The S&P/TSX Composite Index rose 71.5 points to close at 12,773.12 as investors took in data from China showing manufacturing growth was slower in February compared to January, and news that the White House failed to prevent US$85 billion in government spending cuts that came into effect on March 1.

The diversified miners didn’t follow the upward trend, with the S&P/TSX Capped Diversified Metals and Mining Index losing 11 points to 900.10. The S&P/TSX Global Gold Index slipped 4 points to 252.25 as the spot price for gold slumped US$16 per oz. to US$1,576.80.

Agrium was the biggest dollar gainer, advancing $4.16 to $107.30, recovering partially from its losses from the week before, where the company’s shares were impacted by an ongoing dispute with its largest shareholder, Jana Partners LLC, and more so to the lower predicted U.S. corn prices.

Labrador Iron Ore Royalty Corp. was also one of the top value gainers, moving up 84¢ to $35.86. The company — which holds a 15.1% equity interest in Iron Ore Company of Canada, and receives a 7% gross royalty and a 10% commission per tonne on all of ICO’s iron ore products — reported a consolidated net income for 2012 of $121.8 million or $1.90 per share, compared to $209.3 million or $3.27 per share a year ago. The drop was due to operational difficulties during the first half of the year and weaker iron ore prices in the third quarter. For 2013, it estimates considerably higher royalty revenue as production and sales are expected to improve.

Montreal-based junior MDN saw its share price climb after agreeing to have Metalinvest Capital earn 55% of its interest in the Ikungu gold property in Tanzania. MDN owns 79% of the 18 sq. km property and has an option to increase that to 100%. Under the agreement, Metalinvest has to spend $14 million in exploration over four years, including at least $3 million by year end. The investment will allow the company, which has projects in Tanzania and Quebec, to start drilling to boost gold ounces and delineate a resource at Ikungu. MDN rose 18% to close at 7¢.

Nuinsco Resources gained 17% to end at 4¢ after releasing encouraging assays from two of its projects. At its jointly-held Portage Island project in northern Quebec the final nine core holes from the 2012 program returned several intercepts grading more than 20 grams gold per tonne. At the Berta porphyry copper project in northeast Turkey, one of the two latest holes cut 12.7 metres grading 1.59% copper, along with some shorter high-grade copper intercepts.