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The company released a statement saying it is unaware of what caused the spike in its share price.
Last Friday, the S&P TSX Composite index (INDEXTSI:OSPTX) ended up 14.37 points, or 0.11 percent, at 13,024.3 points. According to Reuters, the index was buoyed when gains in the energy sector offset weakness in financial stocks.
During the period, the top-gaining resource company was Orocobre (TSX:ORL,ASX:ORE). It was followed by Paladin Energy (TSX:PDN,ASX:PDN), Dundee Precious Metals (TSX:DPM), McEwen Mining (TSX:MUX,NYSE:MUX) and Denison Mines (TSX:DML,NYSEMKT:DNN). Here’s what moved those companies’ share prices last week.
Orocobre
Last week’s top TSX gainer by a long shot was Orocobre, whose share price gained 39.57 percent to hit $1.94. The company is currently ramping up production at its Argentina-based Olaroz lithium facility, and also owns Borax Argentina, which operates three open-pit mines in the country.
Orocobre did not release any news last week, and in response to an email from ASX Compliance, said it is “not aware of any information concerning it that has not been announced to the market that could explain the recent trading in the market.”
Paladin Energy
Coming in second last week was Paladin Energy, whose share price gained 17.07 percent to reach $0.24. The company is a uranium producer with projects in Australia and two mines in Africa.
Last week, Paladin announced the repurchase of a principal amount of $6 million of its outstanding US$243-million, 6-percent convertible bonds due in 2017. It also responded to rumors that it had sold all or part of its 85-percent stake in the Kayelekera mine to China National Nuclear, noting that there has been no change in its ownership.
Dundee Precious Metals
Dundee Precious Metals released no news last week, but nevertheless saw its share price rise 14.41 percent to end at $1.35. Based in Canada, the company is an international gold miner engaged in the acquisition, exploration, development, mining and processing of precious metals.
McEwen Mining
McEwen Mining’s share price increased by 13.85 percent last week, hitting $1.48. On Tuesday, the company announced that Andrew Elinesky has been promoted to senior vice president and CFO, while Andrew Iaboni has been promoted to vice president, finance. The company put out no other news that would explain its share price gain.
Click here to watch the Investing News Network’s recent interview with Rob McEwen, chief owner and chairman of McEwen Mining.
Denison Mines
Finally, Denison Mines enjoyed a share price rise of 13.73 percent last week, reaching $0.58. Like Dundee and Orocobre, it did not release any news that would explain that gain. The uranium exploration and development company has interests in Saskatchewan’s Athabasca Basin, including a 60-percent stake in the Wheeler River project and a 22.5-percent interest in the McLean Lake uranium mill.
Data for 5 Top 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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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