The company is unaware of what caused the price spike. Other TSX-listed gainers last week were Stornoway Diamond, NioCorp Developments, Belo Sun Mining and Silvercorp Metals.
Last Friday, the S&P/TSX Composite index (INDEXTSI:OSPTX) rose 1.07 percent, or 142.86 points, to end at 13,522 points. According to Reuters, that’s its second weekly increase in a row — what’s more, the index is one of the best-performing developed markets in the world this year.
Unsurprisingly, stocks in the resource space have gained alongside the index. The top-gaining TSX-listed resource stock last week was Rubicon Minerals (TSX:RMX), and it was followed by Stornoway Diamond (TSX:SWY), NioCorp Developments (TSX:NB), Belo Sun Mining (TSX:BSX) and Silvercorp Metals (TSX:SVM). Here’s a look at what moved the share prices of those companies last week.
As mentioned, Rubicon Minerals was the biggest gainer on the TSX last week, rising a whopping 90.91 percent to close the week at $0.11. The company, once an analyst favorite, has fallen from grace since operations at its Ontario-based Phoenix gold mine went awry last fall (click here for a good overview of what happened). Since then, the company has been forced to delist from the NYSE MKT and has engaged advisors to determine its next moves.
The company released no news last week, but did release a statement saying that it is unaware of what caused the spike in its share price.
Stornoway Diamond’s flagship asset is the Renard diamond project in Quebec, which is on track to become the province’s first diamond mine. Earlier this year, it released a revised construction schedule for Renard, commenting that it now expects to achieve commercial production by the end of 2016.
Last week, the company didn’t release any news, though the Financial Post did put out an interview with President and CEO Matt Manson. During the period, Stornoway’s share price increased by 50 percent, to $0.15.
Last week, NioCorp Developments enjoyed a share price rise of 31.25 percent to end at $1.05; year-to-date, the company’s share price is up 94.44 percent. The company is developing the Elk Creek niobium-scandium-titanium project in Nebraska, and has not released any news since the end of February.
Belo Sun Mining
Belo Sun Mining is focused on advancing its Volta Grande gold project in Brazil, and completed a feasibility study for it in March 2015.
Last week, the company’s share price rose 28.26 percent to hit $0.59 after Agnico Eagle Mines (TSX:AEM,NYSE:AEM) agreed to make an additional strategic investment of C$6.19 million in Belo Sun. Agnico Eagle will make the investment by buying a total of 11.68 million common shares of Belo Sun priced at C$0.53 each; after it makes that purchase, it will own a 19.95-percent stake in Belo Sun.
Finally, Silvercorp Metals’ share price increased by 25.45 percent last week to close at $1.48. The company, which is a low-cost silver producer with multiple mines in China, released no news during that time. Most recently, on February 5, it released its financial and operating results for the quarter ended December 31, 2015.
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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
5 Top TSX Stocks: Aureus Up Over 50 Percent on Commercial Production
5 Top TSX Stocks: SouthGobi and Golden Star Make Lead Gains
5 Top TSX Stocks: Platinum Group Metals Up Over 70 Percent
5 Top TSX Stocks: Timmins Gold, Alexco Up Over 40 Percent
5 Top TSX Stocks: Big Gains for Gold Stocks