Iamgold was the top gaining stock in mining on the TSX last week, followed by McEwen Mining, Gabriel Resources, Premier Gold Mines and B2Gold.
The S&P/TSX Composite index (INDEXTSI:OSPTX) dropped drastically on Friday morning after the Brexit referendum. Brits voted 52 to 48 percent to leave the European Union.
Initially, the TSX lost roughly 300 points at market open on Friday. The index bounced back slightly, but still finished the day down 1.7 percent, and the week down 0.06 percent, at 13,891.88 points.
However, gold prices and gold equities were on a tear as investors flocked towards the safe haven metal. Gold prices rocketed past $1,300 per ounce overnight, and were still trading at $1,321 per ounce on Friday afternoon.
A number of gold stocks saw a spike in share price Friday morning, and gains for the week overall, including:
- Iamgold (TSX:IMG)
- McEwen Mining (TSX:MUX,NYSE:MUX)
- Gabriel Resources (TSX:GBU)
- Premier Gold Mines (TSX:BG)
- B2Gold (TSX:BTO)
Here’s a look at those companies”
Shares of Iamgold were up 11.22 percent to $5.55 last week. The company operates four producing gold mines in North and South America and West Africa. On June 15, Iamgold reported that it had intersected a second gold zone at its Monster Lake project in Quebec. There was no other news from the company last week.
Headed by Rob McEwen, McEwen Mining is a growing gold and silver producer with a goal of qualifying for inclusion in the S&P 500 (NYSEARCA:SPY). The most recent news from the company came when it announced that it had become an insider of Golden Predator Mining (TSXV:GPY) on June 16. There has been no further recent news from the company. McEwen Mining was up 10.87 percent to $4.69 per share last week.
Gabriel Resources gained 10 percent to reach $0.44 per share last week. Like most others on the list, shares of Gabriel spiked Friday morning in the wake of the Brexit. The company is focused on developing its Rosia Montana gold and silver project in Romania. It has filed a request for arbitration before the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) against Romania. The company announced its first quarter report on May 12, but there has been no further recent news from the company.
Premier Gold Mines
Premier Gold Mines is an exploration and development company focused on projects in the US and Canada. Last week, it reported results of step-out drilling at its McCoy-Cove gold project in Nevada, stating that it had continued to confirm the extension of high-grade mineralization across substantial widths at the property. Premier was up 9.61 percent for the week to $3.65 per share, with most of those gains coming on Friday.
Finally, B2Gold was up 9.09 percent to $3.12 per share for the week. The company holds producing gold mines in the Philippines, Namibia and Nicaragua, and has a number of projects under development in Mali, Burkina Faso and Colombia. The company reported its Q1 production results on April 27, and its first quarter results on May 11, as well as results of its AGM on June 15. There was no new news from B2Gold last week.
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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, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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