Last week’s other top-gaining mining stocks on the TSX were Champion Iron, Nevada Copper, Teranga Gold and Pershing Gold.
On Friday (April 27), an unusual outage prompted the TSX to shut down early. The index had climbed to a five-week high the previous session, closing at 15,668.93.
Its strong performance was driven by a broad-based rally that also helped propel US stock markets and allowed Canada’s main stock market to close a full percentage point higher than the previous week.
According to Reuters, the favorable growth is related to strong financials, especially in the metals sector, a peaceful truce in Korea and expectations of a NAFTA deal being penned.
Last week’s top-performing TSX stocks echo positive performances for base and precious metals companies:
- Atalaya Mining (TSX:AYM)
- Champion Iron (TSX:CIA)
- Nevada Copper (TSX:NCU)
- Teranga Gold (TSX:TGZ)
- Pershing Gold (TSX:PGLC)
Here’s a look at those companies and the factors that moved their share prices last week.
Atalaya Mining is a mining and development company that produces copper concentrate and silver as a by-product at its wholly owned Proyecto Riotinto site in Southwest Spain.
On April 23, Atalaya published the results of a prefeasibility study at its Proyecto Touro copper project. The company’s share price saw the strongest gain last week, rising 23.04 percent to close at C$4.70.
Champion Iron is an iron ore exploration and development company with several major projects in the Labrador Trough, considered the largest iron ore-producing region in Canada. The company is currently developing eight iron-rich projects in an area covering 707 square kilometers.
Shares of Champion gained 10.9 percent last week to reach C$1.20. There is no recent company news that would explain the increase.
Nevada Copper is focused on bringing its Nevada-based Pumpkin Hollow project into production. Pumpkin Hollow is a large, advanced-stage development copper property with substantial reserves and resources, including copper, gold and silver, as well as a large iron resource.
Over the five-day period, shares of Nevada Copper saw a share price spike of 4.98 percent to close the period at C$0.70.
Teranga Gold owns and operates the Sabodala gold mine, the only gold mine and mill in Senegal, West Africa. Shares of Teranga Gold increased 3.99 percent to close last week at C$4.96.
Pershing Gold is a gold producer whose primary asset is the Relief Canyon mine located in Pershing County, Nevada. Pershing’s current landholdings cover more than 27,000 acres.
Last week, Pershing announced the appointment of Jeffrey Clevenger to its board of directors. Over the five-day period, Pershing’s share price increased 1.92 percent to close at C$2.65.
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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, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Nevada Copper is a client of the Investing News Network. This article is not paid-for content.