Gabriel Resources was the top gaining stock on the TSX last week, followed by Capstone Mining, Peregrine Diamonds, Luna Gold and Eastern Platinum.
The S&P/TSX Composite index (INDEXTSI:OSPTX) was on the rise last week, gaining 2.59 percent to reach 14,105.23 points.
The exchange rose on Friday despite a dip in oil prices. According to the Globe and Mail, several major banks reported better-than-expected earnings, even though they called for further losses on lower oil prices going forward.
Last week’s top TSX-listed mining stocks were:
- Gabriel Resources (TSX:GBU)
- Capstone Mining (TSX:CS)
- Peregrine Diamonds (TSX:PGD)
- Luna Gold (TSX:LGC)
- Eastern Platinum (TSX:ELR)
Here’s a look at what moved the share prices of those companies last week:
Shares of Gabriel Resources were up 11.63 percent to $0.24 for the week. The company is focused on permitting and developing its Rosia Montana gold–silver project in Romania. However, the company has been in a dispute with the Romanian Government since January 2015 regarding the classification of a village in the area as a site of historical interest. Gabriel Resources released its first quarter results on May 12, but there has been no further news from the company to explain last week’s price rise.
Capstone operates three copper mines throughout Canada and the US, with development projects in British Columbia and Chile. The company released its annual sustainability report on May 3, but there has been no further news that would explain last week’s rise in share price for the company. Capstone gained 6.35 percent to reach $0.67 per share for the week.
Shares of Peregrine Diamonds were up 5.71 percent last week to $0.185. On May 17, the company announced the start of a 2016 exploration drilling program at its Sikwane diamond project in Botswana, but there was no additional news last week to explain the company’s rise in share price. Peregrine also holds the advanced stage Chidliak project on Baffin Island in Nunavut, Canada.
Luna Gold gained 5.56 percent last week to reach $0.19 per share. The company saw its shares rise on Friday after it announced an exploration agreement with AngloGold Ashanti (NYSE:AU) for its greenfield mineral claims in Brazil. AngloGold must spend US$14 million over four years to earn a 70 percent interest in the project.
“We are very happy to have one of the largest gold producers in the world, AngloGold Ashanti, join us in this exploration project,” said Luna Gold president and CEO Marc Leduc in Friday’s release. “This clearly demonstrates the outstanding geological potential of the greenfields claims.”
Finally, rounding out the top five was Eastern Platinum, which holds a number of platinum projects in South Africa’s Bushveld Complex. On April 4, Eastern Platinum announced that a proposed class action lawsuit against the company had been dismissed. There has been no further news that would explain last week’s share price rise. Eastern Platinum was up 5.5 percent to $1.15 per share last week.
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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, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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