Last week’s top-gaining mining stocks on the TSX were Belo Sun Mining, Hudbay Minerals, Platinum Group Metals, Africa Oil and Laramide Resources.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged higher on Friday (November 2), up 65.73 points, to 15,215.88. The positive movement was attributed to optimism that China and the US would find a resolution to ongoing trade disputes.
By midday early morning, optimism waned as tensions between the global powerhouses intensified again. The decline impacted the energy sector with a 1.3 percent dip, while 7 other major sectors were also weighed down by the trade woes.
The TSX was down 84.23 points to 15,066.70 at 1:07 p.m. EST.
Last week’s top TSX stocks include two precious metals explorers, a diversified miner and two energy sector companies. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- Belo Sun Mining (TSX:BSX)
- Hudbay Minerals (TSX:HBM)
- Platinum Group Metals (TSX:PTM)
- Africa Oil (TSX:AOI)
- Laramide Resources (TSX:LAM)
Here’s a look at those companies and the factors that moved their share prices last week.
Belo Sun Mining
Canadian Gold explorer Belo Sun is currently focused on developing its Volta Grande gold project. Located in Brazil the project has undergone a complete feasibility study, which was submitted in March 2015.
Belo Sun did not release any company news last week. Company shares were up 46.34 percent, trading at C$0.30.
Diversified metals miner Hudbay Minerals is focused on gold, silver, copper and zinc exploration. The company has a number of ongoing projects including three operating mines in Manitoba, one mine in Peru and a development property in Arizona.
Late last week, Hudbay released its Q3 financial and production results, which included US$113.8 million from operations. The company also announced plans to acquire the remaining 86-percent stake in Mason Resources (TSX:MNR,OTCQB:MSSNF).
Hudbay shares grew by 30.71 percent, to C$6.47.
In late October, Platinum Group reported positive results from an additional drill campaign and mineral resource assessment on the Waterberg project, a palladium dominant deposit. The results indicated an increased gold, platinum and palladium resource.
Last week, stock in Platinum Group was up 29.73 percent, to C$0.24.
Africa Oil is an oil exploration company engaged with discovering resource potential in the east African Rift Basin System. The company holds assets in both Kenya and Ethiopia.
During the period, Africa Oil announced it had joined a US$1.4-billion joint venture agreement for a 50-percent stake in Petrobras Oil and Gas BV.
“Combining these assets with our Kenya development project and recently rejuvenated exploration portfolio, we believe that Africa Oil is exposed to high growth potential in the current and anticipated strong oil price environment,” Keith Hill, Africa Oil CEO, said in the announcement.
Africa Oil stock was 24.32 percent last week, to C$1.38.
Energy explorer Laramide Resources is committed to developing uranium projects in the US and Australia. Laramide operates the Church Rock and Crownpoint project in New Mexico; La Salle and La Jara Mesa projects in Utah; and the Westmoreland project in Australia.
The company did not release any announcements or company news in the period. Laramide stock was up 17.95 percent, ending the week at C$0.460.
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.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.