5 Top Weekly TSX Stocks: Precious Metals and Oil Lead the Way

At the end of last week, Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was up by 71.66 points, or 0.43 percent, to reach 16,930.01.

Global markets were shaken by a coordinated attack on global oil production lines, with over 5 million barrels a day in production taken offline by a sophisticated attack that has the US building a coalition to respond to the danger posed by Iran — which both the US and Saudi Arabia are blaming.

Unsurprisingly, oil prices spiked last week, but were tracking lower towards the end of the week as Saudi authorities soothed fears by blunting any impacts to supply with strategic stockpiles. Gold stayed up, and base metals went down.

Here’s a look at the top five performing resource and energy stocks on the TSX in Toronto last week:

• Baytex Energy (TSX:BTE)
• Platinum Group Metals (TSX:PTM)
• Sierra Metals (TSX:SMT)
• North American Palladium (TSX:PDL)
• Lundin Gold (TSX:LUG)

Read on to find out what each company has been up to lately.

Baytex Energy

Baytex Energy is a Canada-based company engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the US.

News from the company in September has been corporate so far, with Baytex announcing a company update and a new board appointment. According to the update, the company has been producing an average of 97,000 barrels of oil equivalent per day in 2019.

The firm was trading at C$2.27 by last Friday, up 17.62 percent on the week before.

Platinum Group Metals

Platinum Group Metals is focused, unsurprisingly, on the production of platinum and palladium. Its projects are located in the prolific South African Bushveld Complex — where the majority of the world’s platinum production takes place.

The company hasn’t posted any updates since late August, when it had news on the financing front, closing a US$10.4 million bought deal financing, as well as private placement financings of US$9.2 million and US$10 million. It also established a US$20 million two to three year credit facility and repaid an existing US$43 million credit facility.

Platinum Group Metals was trading at C$2.50 by the end of last week, up 17.14 percent over the previous five days of trading.

Sierra Metals

Diversified mid-tier company Sierra Metals has three producing mines in two countries: Bolivar and Cusi in Mexico and Yauricocha in Peru. Its mines primarily produce copper, silver and zinc.

On the news front, Sierra has plans to buy back shares, announcing intentions to purchase and cancel 2.5 million of its shares, or 1.54 percent of the total on the market, in a bid to shift its share price.

Speaking of Sierra’s share price, it was at C$1.80 by the end of last week, up 14.65 percent.

North American Palladium

North American Palladium has been mining the precious metal that gives it its name for 25 years at its Lac des Iles underground mine in Ontario. The company has recently been ramping up production.

Last month, North American Palladium acquired a 51 percent interest in the Sunday Lake platinum-group metals project in Ontario, near its Lac des Iles mine.

North American Palladium was trading at C$18.02 on the TSX last Friday, up 11.51 percent on the previous week.

Lundin Gold

Canadian company Lundin Gold is focused on developing its Fruta del Norte gold project in Southeast Ecuador, which it calls one of the highest-grade and largest gold projects currently under construction. First gold pour is expected soon, in Q4 2019.

Lundin has been quiet in September. Its most recent news on August 30 was a share capital and voter rights update, but on August 9 it released its Q2 results. 

Despite the quietness, the company was trading up by 10.7 percent last week, reaching C$9.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with a market capitalization greater than C$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, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.