The company’s boost this week comes after positive analyst estimate and ratings.
Capping off the holiday week, the S&P TSX Composite index (INDEXTSI:OSPTX) was up 47.45 points or 0.35 percent. As the Globe and Mail reported, Canadian stocks were on the move for the fifth straight day. Banks and consumer companies managed to offset declines by oil producers during the shortened trading week.
During the holiday session, the top gaining resource company was First Quantum Minerals (TSX:FM). Runner up on this week’s top 5 is Capstone Mining (TSX:CS), followed by Starcore International Mines (TSX:SAM), Dominion Diamond (TSX:DDC) and Almaden Minerals (TSX:AMM), rounding up the top 5.
First Quantum Minerals
This week’s top gainer was diversified metals miner, and copper producer, First Quantum Minerals. The company was up 48.88 percent to trade at $5.81. The company’s boost this week comes after a ratings upgrade from Scotiabank. Cormark Securities also bumped up their estimates for First Quantum’s fiscal year 2015 earnings to $0.17.
First Quantum has not released any news this week.
Canadian metals miner, Capstone Mining posted a 29.58 percent gain this week, bumping its share price to $0.47. Like First Quantum, Capstone Mining saw its gains based on analyst expectations. Scotiabank equities research analysts issued their earning per share for Q4 2016 this week, in which they forecast Capstone will post an earnings of $0.02 per share for the quarter.
Capstone did not release any news on this short holiday week. The company is engaged in the production of and exploration for base metals in the United States, Mexico, Canada and Chile.
Starcore International Mines
Working on the continued production at the San Martin mine in Mexico. The company is also engaged in identifying, acquiring, and developing additional high-quality gold and silver properties.
Last week, the company posted its Q1 2016 results, which included gold and silver sales of $7.7 million for the quarter ended October 31, 2015 compared to $7.3 million for the quarter ended October 31, 2014, an increase of 5.5%. The company also posted a net income of $0.6 million for the quarter ended October 31, 2015 compared to net income of $0.9 million for the quarter ended October 31, 2014;
In response to a trading halt, Starcore issued a news release on December 22 claiming it is not aware of any reason its stock was halted.
Dominion Diamond is a Canadian diamond mining company with ownership interests in two major producing diamond mines located south of the Arctic Circle in Canada’s Northwest Territories. This week, RBC Capital Markets issued an outperform rating for the company, with a $21 target price. The company’s share price saw a 20.71 percent bump.
On December 24, two of the company’s directors announced their resignation in the wake of a shareholder pressure for a shakeup.
Almaden Minerals Ltd. ended the day at $0.93, having posted a weekly gain of 19.23 percent. The company owns the Tuligtic project in Puebla State, Mexico, which covers the Ixtaca Gold-Silver Deposit, one of Mexico’s premier precious metals deposits.
Earlier this month, the company released an update to its preliminary economic assessment that showed significant cash savings using its Rock Creek Mill.
Data for 5 Top TSX Stocks articles is retrieved each Friday after market close 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, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.
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