It fell early on Friday (August 11), weighed down by heavyweight mining and financial stocks. Meanwhile, the gold price rose on Friday as North Korea tensions turned investors toward safe-haven assets.
The US-North Korea situation has been in flux since US President Donald Trump made his “fire and fury” comments on Tuesday (August 8), and so far nearly $1 trillion has been wiped from global equity markets.
Against that backdrop a number of TSX-listed stocks in the mining sector saw share price increases last week. The five top gainers are as follows:
- Horizonte Minerals (TSX:HZM,LSE:HZM)
- Red Eagle Mining (TSX:R)
- Sandstorm Gold (TSX:SSL,NYSEMKT:SAND)
- Excelsior Mining (TSX:MIN)
- Katanga Mining (TSX:KAT)
Here’s a look at those companies and the factors that moved their share prices last week.
Horizonte Minerals is a nickel-focused company that operates in Brazil. It wholly owns the advanced Araguaia nickel laterite project, and is targeting production in 2019.
Last week, the company published its financial results for the first six months of the year, and said that the feasibility study for Araguaia is now at an “advanced stage.” The company’s share price saw an increase of 28.57 percent last week to reach $0.04.
Red Eagle Mining
Red Eagle Mining is a gold producer focused on discovering, developing and operating gold projects in Colombia. Red Eagle owns 100 percent of the Santa Rosa gold project, where the San Ramon gold mine commenced commercial production in March.
Last Friday, the company closed a C$30-million rights offering. Over the five-day period, Red Eagle’s share price increased 14.04 percent to reach $0.32.
Sandstorm Gold is a gold streaming and royalties company with a portfolio of 160 streams and royalties. Last week, the company’s share rose 5.29 percent to close at $5.47. It has did not release any news that would explain the jump
Excelsior Mining is developing the Gunnison copper project, a low cost in-situ recovery project located within Arizona’s copper porphyry belt. Commercial production at the project is scheduled to begin in 2018. Excelsior’s share price jumped 5.22 percent to close last week at $1.21. Like Sandstorm, it did not release any news that would account for the rise.
Last but not least is Katanga Mining, which operates a large-scale copper-cobalt mine complex in the Democratic Republic of Congo through two joint ventures. The joint ventures are called Kamoto Copper Company and DRC Copper and Cobalt Project.
The company did not release any news last week, but its share price gained 4.05 percent to reach $0.77.
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Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.