Last week’s other top-gaining stocks on the TSX were Brio Gold, Corvus Gold, Marathon Gold and U3O8. Here’s what moved their share prices.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) ended last week up, gaining 1.75 percent to close at 15,439.1 points.
That being said, the index was flat early on Friday (September 22), with banks and gold miners pushing higher as geopolitical tensions boosted demand for safe-haven assets.
“Big noise out of North Korea will keep [Friday’s] trading defensive as the biggest threat to the markets make the headlines,” said Peter Cardillo, chief market economist at First Standard Financial in New York. “While we don’t expect a serious selloff, the geopolitical rhetoric could heat up.”
Agains that backdrop, a number of TSX-listed stocks in the mining sector saw major share price increases. The five biggest gainers were as follows:
- Brio Gold (TSX:BRIO)
- TMAC Resources (TSX:TMR)
- Corvus Gold (TSX:KOR)
- Marathon Gold (TSX:MOZ)
- U3O8 (TSX:UWE)
Here’s a look at those companies and the factors that moved their share prices last week.
Brio Gold has gold production-, development- and exploration-stage properties in Brazil. The company’s portfolio includes three operating mines: the Fazenda Brasileiro mine, the Pilar operation and the RDM mine. It also owns the Santa Luz mine, which is currently on care and maintenance.
Over the five-day period, Brio Gold’s share price spiked 16.94 percent to close at $2.14. It did not release any news that would explain the increase.
TMAC Resources is an emerging gold producer with a focus on exploration, development and mining at the Hope Bay Greenstone Belt in the Kitikmeot region of Nunavut.
On September 15, the company provided an operational update and released drill results from programs at its Doris mine and Boston deposit, both located at Hope Bay. Last week, TMAC’s share price saw an increase of 10.86 percent to reach $10.41.
Middle of the pack last week was Corvus Gold, whose share price saw an increase of 10.53 percent to close the five-day period at $0.84. Corvus controls 100 percent of its North Bullfrog project in Nevada. The project includes numerous prospective gold targets at various stages of exploration. Corvus did not release any news last week that would explain its share price rise.
Marathon Gold is currently advancing its Valentine Lake Gold Camp in Newfoundland, which hosts four near-surface, mainly pit-shell-constrained gold resources. On September 18, the company announced “very positive” drill results from Valentine. The news sent Marathon’s share price up 8.57 percent to reach $1.14.
Last but not least is U3O8, whose share price increased 1.28 percent last week to end at $0.39.
The company is focused on uranium and by-product commodities that are used elsewhere in the clean energy industry, including vanadium, nickel and phosphate, as well as rare earths. The company has projects in Colombia, Argentina and Guyana. It did not release any news last week.
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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.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.