Precious Metals

Gold Investing

The better-performing TSX stocks last week were China Gold, Continental Gold, Oryx Petroleum, Birchcliff Energy and Corridor Resources.

As last week drew to a close, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was doing about as well as the rest of the global markets. That is to say: not well.

The TSX was trading down by 3.62 percent at 16,111.81 points by midday Friday (February 28), having shed 605.63 points with half a day of trading to go. The fall (which began in earnest the week prior) means that in just two weeks the TSX has now effectively lost all of the gains it made in 2019.

Around the world, stock markets have lost an estimated US$5 trillion in value as the COVID-19 coronavirus panic took hold, sucking all the oxygen away from the rest of global news happenings.

It should come as no surprise then that resources and energy companies on the TSX did not do so well last week either. With both base and precious metals down, along with oil and gas, commodities were in the red across the board.

In a change from previous weeks, the top five best-performing stocks on the TSX is not a picture of gains, but relative stability for the companies listed. The values below represent a which price each company was trading at 12:00 p.m. on Friday.

  • China Gold International Resources (TSX:CGG)
  • Continental Gold (TSX:CNL)
  • Oryx Petroleum (TSX:OXC)
  • Birchcliff Energy (TSX:BIR)
  • Corridor Resources (TSX:CDH)

Read on to find out about what the companies listed above have been up to lately.

China Gold International Resources

Vancouver-based company China Gold International Resources operates two mines in China: the CSH gold mine in Inner Mongolia and the Jiama copper-polymetallic mine in the Tibet Autonomous Region.

In a press release that addresses investor concerns, the company said on Thursday (February 27) that both of its mines were operating with little to no impact on production from COVID-19 “so far.”

Company CEO Liangyou Jiang said that “although there currently are no employees infected at the Company’s two mines, we will be ready to respond to the possible impact COVID-19 may have on any aspects of our business and will closely monitor the health condition of our employees.”

China Gold International Resources was trading at C$1.05 on the TSX last week, one of the few companies that posted weekly gains, at 2.94 percent above where it was trading the week prior.

Continental Gold

Continental Gold has its sights set firmly on Colombia, where it’s developing its 100 percent owned Buriticá gold project in Antioquia for scheduled production in 2020.

On February 27, the company announced that Zijin Mining (OTC Pink:ZIJMF,HKEX:2899) had received regulatory approval to purchase Continental Gold, a deal that was announced back on December 2, 2019. Zijin will be purchasing each common share held for C$5.50 for a C$1.4 billion total takeover.

The takeover news worked to keep Continental Gold in the black last week, with the company trading at C$5.48 on the TSX — up by 0.37 percent on the previous week of trading.

Oryx Petroleum

Oryx Petroleum is an international oil company established in 2010. It has a number of assets, projects and wells in the Kurdistan region of Iraq, as well as in the Democratic Republic of Congo and Senegal.

On February 19, the company announced its 2019 year end reserves and resources and operations update, saying that it had proven plus probable oil reserves of 103 million barrels of oil.

Oryx’s share price was completely flat at the end of last week, with the company trading at C$0.21.

Birchcliff Energy

Another oil and gas company, Birchcliff Energy is focused on the Peace River Arch area of Alberta, where it brought 33 wells into production in 2019.

The company’s latest news was released on last Wednesday (February 26), when it announced its quarterly common share and preferred share dividends.

Birchcliff was trading down by the end of last week, losing 1.36 percent of its share value on the TSX to trade at C$24.69. Even with that fall, it was the fourth-best performing energy and resources stock on the exchange.

Corridor Resources

Yet another oil and gas company, Corridor Resources is a producing company with 75 percent working interest in the McCully Field project in New Brunswick.

Corridor’s most recent release was when it announced the closing of a private placement that yielded around C$30 million in proceeds.

Like many others, Corridor was still in the red last week, trading down by 2.31 percent on the Toronto Exchange at C$1.27. The relatively mild decline in value makes Corridor the fifth-best performing stock on the TSX from last week.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View’s stock screener. Only companies with a market capitalization greater than C$50 million prior to the week’s gains are included. Companies within energy minerals and non-energy minerals sectors are considered.

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


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