Last week’s other top-gaining TSXV stocks were CaNickel Mining, Letho Resources, Wealth Minerals and Simba Essel Energy.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week at 806.77 points, up 0.79 percent.
According to Reuters, the index was buoyed by strong earnings from a number of natural resource companies, as well as higher commodities prices overall. New Statistics Canada data shows that overall the Canadian economy stalled in February, but analysts believe the country is still poised to meet or exceed the Bank of Canada’s forecast for first-quarter annualized growth.
Against that backdrop, a number of TSXV-listed stocks in the mining sector saw share price increases last week. The top five gainers were:
- CaNickel Mining (TSXV:CML)
- Letho Resources (TSXV:LET)
- Mariana Resources (TSXV:MARL)
- Wealth Minerals (TSXV:WML)
- Simba Essel Energy (TSXV:SMB)
Without further ado, here’s a look at those companies and the factors that moved their share prices last week.
CaNickel Mining owns the Manitoba-based Bucko Lake nickel mine, and also owns or has under option a further 800 square kilometers worth of properties in the province.
The company has not released any news since last year, but last week its share price rose 135 percent to end at $0.235. It is possible the boost was driven by the news that the government of the Philippines, a major nickel-producing country, plans to issue an order banning open-pit mines.
Letho Resources is an oil and gas exploration company focused on projects in Africa. Like CaNickel, the company has not released any news so far this year. Even so, its share price jumped 82.86 percent last week to close at $0.32.
Mariana Resources is an exploration and development company focused on copper, gold and silver projects in Turkey, South America and West Africa.
Last week, the company’s share price rose 56.73 percent after it announced that it will be acquired by Sandstorm Gold (TSX:SSL,NYSEMKT:SAND). The companies said the deal will create a “leading mid-tier stream and royalty company” with a diversified portfolio of 155 streams and royalties, including 20 producing, 23 development-stage, 26 advanced exploration-stage and 86 exploration-stage assets.
Wealth Minerals is an exploration company that is focused primarily on lithium, though it also holds interests in precious and base metals properties.
Last week, the company’s share price gained 30.77 percent to end at $1.70. It did not release any news during the period, but has had a busy time in April. Earlier in the month, the company executed a non-binding letter of intent to enter into an option agreement to acquire interests in five lithium projects in northern Chile. The company also reported the results of a bathymetric survey at the Laguna Verde project.
Simba Essel Energy
Oil- and gas-focused Simba Essel Energy operates in Europe, Middle East, Africa and the Asia Pacific region. The company did not release any news last week, but over the five-day period its share price rose 15.38 percent to end at $0.075.
Simba’s most recent news came on April 21, when it announced that its shareholders voted to ratify, confirm and approve two agreements with Essel Group Middle East DMCC that were entered into in 2015.
Data for 5 Top Weekly TSXV 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 $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
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Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Wealth Minerals is a client of the Investing News Network. This article is not paid-for content.