5 Top Weekly TSX Stocks: Oyu Tolgoi Developers Jump

- December 8th, 2019

The top gainers on the TSX last week were Silver Bear Resources, Turquoise Hill, Dundee Precious Metals, Obsidian Energy and Entrée Resources.

On Friday (December 6) of last week, Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was up by a whopping 149.39 points to reach 17,004.51 — an increase of 0.89 percent.

World news for the week was again focused on the US and its dealings with China, as well as on US President Donald Trump’s visit to London for a NATO summit, while he faces impeachment at home.

Commodities were choppy: precious metals were universally down last Friday, while base metals were mostly down, albeit with copper on the up on Friday.

What caused Copper's sharp rebound?

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On the commodity front, here are the five top-gaining stocks on the TSX from last week in the basic materials and energy sectors.

  • Silver Bear Resources (TSX:SBR)
  • Turquoise Hill Resources (TSX:TRQ)
  • Dundee Precious Metals (TSX:DPM)
  • Obsidian Energy (TSX:OBE)
  • Entrée Resources (TSX:ETG)

Read on to find out more about what each company has been up to lately.

Silver Bear Resources

Silver Bear Resources’ flagship project is its Mangazeisky silver project in Russia, which, in its first year of production in 2018, produced 594,921 ounces of silver.

On the news front, Silver Bear filed its Q3 financial results in mid-November, reporting that Mangazeisky achieved full commercial production on July 1, and produced 502,134 ounces of silver in Q3.

The company was up by 45.45 percent on the TSX last week, reaching C$0.16 by Friday.

Turquoise Hill Resources

Turquoise Hill Resources is the operator of the Oyu Tolgoi project in Mongolia, which is being developed with the goal of becoming one of the biggest copper mines in the world, but it has run into plenty of snags along the way when it comes to the jurisdictional powers of the government in Ulaanbaatar.

Recent news was on said snags, when the company noted the actions of an administrative court; it appeared to uphold claims by a non-government organization that the government of Mongolia did not follow due process in awarding permits for Oyu Tolgoi, which Turquoise Hill refutes.

That news was back in November though, and the company had been trading down since mid-July. However, last week, Turquoise Hill was trading at C$0.78 — up by 27.87 percent over the week.

Dundee Precious Metals 

Dundee Precious Metals is a Canadian company engaged in the acquisition of mineral properties, exploration, development, mining and the processing of precious metals. Dundee has assets in Europe in Bulgaria and Serbia, as well as in Canada and in Namibia.

Base Metals Outlook 2021

What’s next for the base metals market?

Dundee is another company with its Q3 results as its most recent news. Dundee released its results in early November, detailing total gold production of 65,642 ounces in the third quarter, which is described as a record in consolidated production.

Dundee was trading at C$6.20 on the Toronto Stock Exchange on Friday, a gain of 22.29 percent over the previous week.

Obsidian Energy

Obsidian Energy is an mid-size oil and gas producer, with its portfolio of assets in Alberta producing roughly 30,000 barrels of oil equivalent per day.

The latest news from the company was corporate; it reported on Monday (December 2) that it has made a number of management appointments.

Obsidian was up by 22.22 percent through last week, reaching C$0.77 by Friday.

Entrée Resources

Entrée Resources has the distinction of being a joint venture partner associated with the Oyu Tolgoi copper project in Mongolia. According to the company, it owns a unique carried joint venture interest on the Hugo North extension and Heruga copper-gold deposits at Oyu Tolgoi, as well as a large, underexplored, highly prospective land package.

Entrée’s latest news was its Q3 results, released on November 13, detailing an Oyu Tolgoi development update and an update on corporate operating losses while it works on Oyu Tolgoi.

Entrée was trading at C$0.39 last Friday — up by 18.18 percent over the previous five days of trading.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with a market capitalization greater than C$50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.

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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

What caused Copper's sharp rebound?

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