5 Top Weekly TSX Stocks: Largo Resources Up on Vanadium Powder Plans

- March 11th, 2018

Last week’s other top-performing resource stocks on the TSX were Nickel Creek Platinum, Alexco Resource, Sherritt International Mining and Red Eagle Mining.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was up last week, increasing 1.36 percent to close the five-day period at 15,592.77.

The index edged up in early trade on Friday (March 9), supported by an increase in oil and base metals prices.

On Friday, the gold price was down on the back of a solid US jobs report. Silver inched up, while copper was on track for a weekly loss.

Against that backdrop, a number of TSX-listed stocks in the mining sector saw share price increases. The five top risers are as follows:

  • Largo Resources (TSX:LGO)
  • Nickel Creek Platinum (TSX:NCP)
  • Alexco Resource (TSX:AXR)
  • Sherritt International Mining (TSX:S)
  • Red Eagle Mining (TSX:R)

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

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1. Largo Resources

Largo Resources is a strategic minerals company focused on the production of vanadium pentoxide at its Vanadio de Maracás Menchen mine. Largo also has interests in a portfolio of other projects, including a 100-percent interest in the Currais Novos tungsten tailings project and the Campo Alegre de Lourdes iron-vanadium project in Brazil. It also holds a 100-percent interest in the Northern Dancer tungsten-molybdenum property in the Yukon.

On March 5, the company announced an agreement to qualify, produce and sell vanadium powder via Glencore (LSE:GLEN). Shares of Largo Resources gained 20.35 percent last week to reach $1.36.

2. Nickel Creek Platinum

Nickel Creek Platinum, formerly Wellgreen Platinum, is a Canadian mining, exploration and development company focused on advancing its 100-percent-owned Nickel Shäw project towards becoming Canada’s next world-class nickel sulfide mine.

There is no recent company news that could explain its price increase, but shares of Nickel Creek Platinum increased 15.25 percent to close the five-day period at $0.34.

3. Alexco Resource

Alexco Resource owns the Bellekeno silver mine, one of several mineral properties that together encompass substantially all of the historic Keno Hill Silver District in the Yukon.

On March 8, the company released its fourth-quarter and year-end 2017 results. Over the five-day period, Alexco Resource saw a spike of 6.4 percent to close at $1.83.

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4. Sherritt International Mining

Sherritt International Mining is best known as a nickel miner, and is one of the world’s largest producers of nickel from lateritic sources; it’s also Cuba’s largest independent energy producer. Sherritt mines cobalt as a by-product as well.

The company has no recent news that could explain its gain in share price last week. Sherritt jumped 4.1 percent to close the five-day period at $1.27.

5. Red Eagle Mining

Last but not least is Red Eagle Mining, whose share price saw an increase of 5.56 percent to close the five-day period at $0.28.

Red Eagle Mining is a gold producer focused on discovering, developing and operating gold projects in Colombia. Red Eagle Mining owns 100 percent of the Santa Rosa gold project, where the San Ramon gold mine commenced commercial production in March 2017. On March 6, the company provided an update on its Santa Rosa operations. 

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST 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.

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

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

Editorial Disclosure: Alexco Resource is a client of the Investing News Network. This article is not paid-for content.

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