5 Top Weekly TSX Stocks: Noranda Boosted by Q3 Results

- November 10th, 2019

The top TSX gainers last week were Noranda Income Fund, Entrée Resources, Scandium International, Nuvista Energy and Paramount Resources.

Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was up last Friday (November 8) at 16,877.42 after increasing by 71.67 points or 0.43 percent on the day.

News in mining during the week was dominated by the disaster that struck Canadian miner SEMAFO’s (TSX:SMF,OTC Pink:SEMFF) convoy in Burkina Faso. In total, 37 people were killed and 60 were wounded by attackers who are so far unknown.

Dozens of attacks have taken place targeting miners in the West African nation since 2016, and 2019 began with the death of Canadian miner Kirk Woodman.

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Here are the top five gainers on the TSX from last week:

  • Noranda Income Fund (TSX:NIF.UN)
  • Entrée Resources (TSX:ETG)
  • Scandium International Mining (TSX:SCY)
  • Nuvista Energy (TSX:NVA)
  • Paramount Resources (TSX:POU)

Read on to find out what each company has reported on recently.

Noranda Income Fund

Noranda Income Fund is the owner of the Salaberry-de-Valleyfield zinc smelter in Quebec, making it an ancillary resources company that may well find itself enjoying increased treatment charges as 2019 goes on. Its facility is the largest zinc smelter in North America.

Last Thursday (November 7), the company reported its Q3 results, detailing earnings before income taxes of US$15.5 million during the period compared to US$1.8 million in Q3 2018.

On the TSX, Noranda was trading at C$2.21 by last Friday, up by 43.51 percent over the previous week.

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 coppergold deposits at Oyu Tolgoi, as well as a large, underexplored, highly prospective land package.

Last week, the company released an update on Oyu Tolgoi construction works, saying that construction of Shaft 2 on the Oyu Tolgoi underground project is complete and is in the final stages of commissioning.

The company was trading up by 34 percent on the TSX last week, reaching C$0.33.

Scandium International Mining 

True to its name, Scandium International Mining is focused on the critical mineral scandium. The company owns 100 percent of the Nyngan scandium project, located in New South Wales, Australia.

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Recent news from the company was corporate, with it announcing a change to its board in mid-October.

Regardless of the lack of news, the company was up by 25 percent on the TSX last week to reach C$0.12.

Nuvista Energy

An oil producer with interests in the Montney resource in Alberta, Nuvista Energy says that it is focused on immediate results in the near term at the Nuvista Montney asset.

The company’s most recent news was from way back in September, when it responded to a reported salt water leak from infrastructure owned by the company.

It’s now early to mid-November, and Nuvista is trading at C$2.39 with a gain of 20.71 percent on the previous five days of trading.

Paramount Resources

Paramount Resources is a Canadian oil and gas company with assets in Alberta, British Columbia, Saskatchewan and the Northwest Territories. According to the company, its daily production is nearing 100,000 barrels of oil equivalent per day.

Last Thursday, the company released its Q3 results, detailing a slight increase in cash from operational activities over Q2. On the TSX, Paramount was trading at C$6.37 by the end of last week — up by 20.42 percent on the previous week.

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.

Don’t forget to follow us @INN_Resource for real-time updates!

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

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