Last week’s top-gaining resource stocks on the TSX were NuVista Energy, MEG Energy, Ovintiv, Copper Mountain Mining and Trevali Mining.
On Thursday (April 9), the US Federal Reserve unveiled a US$2.3 trillion stimulus program to contain the impact the coronavirus pandemic is having on the economy.
In commodities, gold was trading above US$1,600 per ounce for most of the week, with silver above US$15 per ounce. For a change last week, base metals trended upward by the end of the period, with copper breaking US$5,000 per tonne — a level not reached since mid-March.
Last week’s five TSX-listed resource stocks that saw the biggest gains are as follows:
- NuVista Energy (TSX:NVA)
- MEG Energy (TSX:MEG)
- Ovintiv (TSX:OVV)
- Copper Mountain Mining (TSX:CMMC)
- Trevali Mining (TSX:TV)
Here’s a look at those companies and the factors that may have moved their share prices last week.
1. NuVista Energy
The company did not release news last week, but in its last statement on March 16 it said it would be reducing its capital spending for 2020. NuVista’s share price jumped 54.64 percent to end at C$0.75.
2. MEG Energy
Canada-focused MEG Energy has all its efforts on producing sustainable in situ thermal oil in the Southern Athabasca region of Alberta. MEG is actively developing innovative oil recovery projects that use steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil, as well as lower carbon emissions.
Despite not releasing news last week, MEG’s share price increased 46.67 percent over the five day period to close at C$3.08.
North America-focused producer Ovintiv is developing its multi-basin portfolio of oil, natural gas liquids and natural gas-producing plays in the Permian and Anadarko basins, and the Montney Formation.
The most recent company news came on April 2, when Ovintiv restructured its crude oil derivatives positions and said it would reduce its second quarter investments by an additional $200 million for a total of $500 million. Ovintiv saw its share price increase 45.11 percent last week to C$6.53.
4. Copper Mountain Mining
Copper Mountain Mining’s flagship asset is the Copper Mountain mine, located in Southern BC. It produces approximately 100 million pounds of copper equivalent per year.
The latest news from the company came in March, when it said that a revised mine plan and project schedule for the Copper Mountain mine was necessary given the current market conditions.
The company did not release any news last week, rose by 39.71 percent to reach C$0.47.
5. Trevali Mining
Trevali Mining is a base metals miner with four operational assets: the 90 percent owned Perkoa mine in Burkina Faso, the 90 percent owned Rosh Pinah mine in Namibia, the wholly owned Caribou mine in Canada and the wholly owned Santander mine in Peru.
The company released a statement on April 3 stating the measures taken due to COVID-19 at its different operations. Perkoa and Rosh Pinah continue to operate at full capacity; processing activities have been curtailed at Santander; Caribou has been placed on care and maintenance; and the company has also taken strong measures to reduce cash outflows and preserve liquidity.
Last week, shares of the company increased 37.5 percent to end at C$0.11.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.