Last week’s other top-gaining mining stocks on the TSX were PolyMet Mining, Nevsun Resources, Osisko Mining and TransAtlantic Petroleum.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 72 points, to 16,028.94.70 at open on Friday (September 7). The downward trend continued over the morning, leaving Canada’s largest stock index at 16,019.19 at 1:23 p.m. EST.
The more than 80-point drop was a result of domestic data indicating a significant jobs decline in August, precipitated by trade stresses and tariff concerns. The Canadian economy unexpectedly lost 51,600 jobs in August after two months of gains, lifting the unemployment rate to six percent.
Unfortunately, that wasn’t the first decline the TSX faced last week. The exchange has closed lower for the past five sessions, and is set for its biggest weekly decline in 24 weeks if the current trend continues.
Last week’s top TSX stocks include one energy producer, two precious metals miners, a diversified explorer and a base metals company. The five TSX-listed mining stocks that saw the biggest gains were as follows:
- SolGold (TSX:SOLG)
- Polymet Mining (TSX:POM)
- Nevsun Resources (TSX:NSU)
- Osisko Mining (TSX:OSK)
- TransAtlantic Petroleum (TSX:TNP)
Here’s a look at those companies and the factors that moved their share prices last week.
Mid-week SolGold announced Australian-based miner BHP (ASX:BHP) had entered into an agreement to purchase a 6.1-percent stake in SolGold. BHP CEO, Andrew Mackenzie, said in the press release: “The investment in SolGold would give BHP exposure to a high quality copper exploration project in Ecuador, which is a highly prospective location for BHP.”
The company’s share price was up 28.38 percent, ending the week at C$0.475.
American-based PolyMet is a mine development company exclusively focused on permitting, building and operating the NorthMet copper-nickel–precious metals project in Northeastern Minnesota.
PolyMet did not release any company news during the period. Shares of PolyMet grew by 19.81 percent last week, to C$1.27.
Base metals producer Nevsun Resources operates the Bisha mine, an open pit copper-zinc mine. The company is also developing the Timok copper-gold project.
Nevsun released some major news last week. The company announced it had entered into a definitive agreement with Zijin Mining Group (SHA:601899,SEHK:2899) for the Chinese company to purchase Nesvun for C$1.86 billion. Company shares ticked up 17.61 percent, to trade at C$5.81.
Toronto-headquartered Osisko is a mineral exploration and development company focused on precious metal resources located in Quebec, Canada.
Osisko Gold made no company announcements last week. Company stock was up 15.46 percent, to C$2.39.
TransAtlantic Petroleum is an international energy producer engaged in the acquisition, exploration, development and production of oil and natural gas. TransAtlantic presently focuses on acquiring and developing assets with known production potential.
TransAtlantic did not make any company announcements last week. Shares in TransAtlantic trended up 11.92 percent, to C$2.16.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View using Stock Screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.