It was another strong week for the S&P/TSX Composite Index (INDEXTSI:OSPTX), which closed at 15,838.63 points on Friday (February 17).
The index closed at a record high on Thursday after rising for the fifth consecutive day, the Toronto Star said. On Friday it dropped slightly, but still recorded a weekly gain of 0.47 percent.
A number of TSX-listed mining stocks also saw gains last week, with the biggest gainers including:
- Katanga Mining (TSX:KAT)
- eCobalt Solutions (TSX:ECS)
- Corvus Gold (TSX:KOR)
- General Moly (TSX:GMO)
- UEX (TSX:UEX)
Here’s a closer look at those companies and what moved their share prices last week.
Last week, Katanga Mining was the top-gaining mining stock on the TSX for the second week in a row. The company operates a large-scale copper-cobalt mine complex in the Democratic Republic of Congo through its joint ventures, Kamoto Copper Company and DRC Copper and Cobalt Project.
The company has not released any news since it put out its financial results for Q4 2016 on February 8. However, like other cobalt companies its share price has been bolstered recently by the rapidly rising cobalt price. Its share price rose 71.43 percent last week to close at $0.48.
eCobalt Solutions’ share price rose 50 percent to close last week at $1.17. The company announced a $13-million bought-deal financing on February 15, and the next day increased it to $15 million. That news, along with the positive cobalt price outlook, no doubt contributed to its share price rise.
The company’s primary asset is its Idaho cobalt project, which is the only advanced-stage, near-term and environmentally permitted primary cobalt project in the US.
Middle of the pack on the list last week was Corvus Gold, whose main focus is advancing its North Bullfrog project in Nevada. The company’s share price was up 29.17 percent last week, and closed at $0.93. Despite its share price increase, the company did not have any related news.
US-based General Moly owns the Liberty project and has an 80-percent interest in the Mount Hope project. Both are located in Nevada and are focused on molybdenum.
Last week, the company’s share price rose 25.37 percent to reach $0.84. While General Moly has not released any news that could explain the share price increase, investors were made aware of its higher-than-normal volume during trading on Friday.
Last but not least is UEX, a uranium exploration company with a focus on the Athabasca Basin in Saskatchewan.
On February 14, the company announced results from the first four holes completed as part of its 2017 exploration program at the Christie Lake project. UEX’s share price rose 20.31 percent over the course of the week to end at $0.38.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday after market close 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, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.