5 Top Weekly TSX Stocks: MEG Energy Up on Takeover Offer

The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged slightly higher at open on Friday (October 5), sitting at 16,017.27. Gains in the gold sector accounted for the uptick.

However, a dip in the energy sector kept the exchange from increasing too much. By mid-day the TSX had slipped 62.41 points to 15,954.86.

Base metals and precious metals erased the Friday morning gain, and dropped an additional 0.5 percent. Meanwhile, the energy sector continued its downward trajectory losing 0.9 points by 11:50 am EST.

Last week’s top TSX stocks include three precious metals miners and two energy producers. The five TSX-listed mining stocks that saw the biggest gains were as follows:

• MEG Energy (TSX:MEG)
• Wallbridge Mining Company (TSX:WM)
• Asanko Gold (TSX:AKG)
• Gran Colombia Gold (TSX:GCM)
• UEX (TSX:UEX)

Here’s a look at those companies and the factors that moved their share prices last week.

MEG Energy

Alberta-based MEG Energy is focused on in situ development of oil sands properties located in the Athabasca region of Alberta. The company is committed to developing its projects quickly and efficiently, in an effort to assert itself as the strong player in the oil sands sector.

Early in the week, MEG announced that Husky Energy (TSX:HSE) intended to make an unsolicited offer to acquire all of MEG’s issued and outstanding common shares. The MEG board of directors will consider and evaluate the offer. Company shares were up 36.86 percent, trading at C$10.99.

Wallbridge Mining Company

Diversified miner Wallbridge has a number of projects in various stages of development. The company is currently focused on gold exploration at its 100-percent owned Fenelon property in Quebec.

Mid-week, Wallbridge released a project update for Fenelon. According to the report, visible gold was observed in 41 of 68 drill holes. “We are particularly pleased with the results from the Habanero zone, a new zone which is producing good grades and widths,” Marz Kord, president and CEO of Wallbridge, said in the press release. Company stock grew by 27.73percent, to C$0.28.

Asanko Gold

Asanko Gold is an Africa-focused precious metals producer operating the Asanko gold mine in Ghana. In addition to its flagship project, Asanko also has two land packages in the West African country.

Askano did not release any company news last week. Askano’s share price was up 16.67 percent, to C$1.18.

Gran Colombia Gold

Canadian company Gran Colombia Gold is focused on gold and silver exploration, development and production in Colombia. The company’s flagship mine is the largest underground gold and silver producer in the country.

Gran Colombia Gold released an update from its initial drill program at its new Marmato project. Highlights included high gold grades identified in 7 of the drill holes. The company’s share price was up 14.22 percent, trading at C$2.58.

UEX

UEX is a junior uranium focused explorer with a portfolio of projects in Saskatchewan’s Athabasca basin.

The company did not release any news during the period. UEX shares were up 13.16 percent, to C$0.215.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View using Stock Screener. Only companies with a market capitalization greater than $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, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Wallbridge Mining Company is a client of the Investing News Network. This article is not paid-for content.