Reuters reported that the index rose to a record high earlier on Friday (October 27), touching its strongest level since February as financial services and energy companies led the broad-based gains.
The gold price was on track for a weekly loss, but edged higher on Friday as investors turned to safe-haven assets. Silver was also set for a weekly loss. Base metals were also hurt by a strong dollar, with copper trading below the $7,000-per-tonne mark reached a week earlier.
Despite this, a number of stocks in the mining sector saw a share price increase–notably in the base metals sector– including:
- Nemaska Lithium (TSX:NMX)
- Katanga Mining (TSX:KAT)
- Polymet Mining (TSX:POM)
- NGEx Resources (TSX:NGQ)
- Copper Mountain Mining Corporation (TSX:CMMC)
Here’s a look at those companies and the factors that moved their share prices last week.
Nemaska Lithium is engaged in the exploration and development of hard rock lithium mining properties and related processing of spodumene into lithium compounds. The company’s wholly-owned Whabouchi Spodumene Mine project in Quebec, Canada, is estimated to be the second richest and largest lithium deposit in the world.
There are no recent company news that could explain the price increase, but shares of Nemaska Lithium gained 13.04 percent last week to reach $1.82.
Katanga Mining 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.
There are no recent company news that could explain the price increase, but over the five day period Katanga Mining saw a spike of 11.67 percent to close the five day period at $1.34.
PolyMet Mining is a publicly-traded mine development company focused on permitting, building and operating the NorthMet copper-nickel-cobalt precious metals project. The company expects the project to annually produce 72 million pounds of copper, 15.4 million pounds of nickel, 720,000 pounds of cobalt and 106,000 troy ounces of precious metals.
There are no recent company news that could explain the price increase, but shares of Polymet Mining jumped 10.67 percent to close the five-day period at $0.83.
Middle of the pack on last week’s 5 top weekly TSX stocks is NGEx, whose share saw an increase of 5.26 percent to close at $1.
NGEx is focused on advancing the Constellation project which includes the development of two large copper-gold deposits, Los Helados and Josemaria, located in Chile’s Region III and adjacent San Juan Province, Argentina.
Copper Mountain Mining Corporation
Last but not least on the 5 top weekly TSX stocks is Copper Mountain Mining Corporation, whose shares made an increase of 1.33 percent to $1.52.
Copper Mountain’s flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company also has a strategic alliance with Mitsubishi Materials Corporation who owns 25 percent of the mine. On October 26, the company announced positive drill results at the New Ingerbelle deposit near the Copper Mountain mine.
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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.
Editorial Disclosure: Nemaska Lithium is a client of the Investing News Network. This article is not paid-for content.