5 Top TSX Stocks: Gold Mining Stocks Jump on Higher Gold Price

- June 5th, 2016

The gold price jumped higher on Friday on the back of weak US jobs data, and a number of gold mining stocks saw a corresponding bump in share price.

The S&P/TSX Composite index (INDEXTSI:OSPTX) up once again last week, rising 0.89 percent to reach 14,226.78 points.
As per the Canadian Press, the stock market rose on the back of stronger oil prices, despite no agreement to freeze production levels at this week’s OPEC meeting. However, the gold price bounced higher on Friday following the release of weak US jobs data, and a number of gold mining stocks saw a boost in share price as well.
Last week’s top TSX-listed mining stocks were: 

  • Asanko Gold (TSX:AKG)
  • Vista Gold (TSX:VGZ)
  • Torex Gold Resources (TSX:TXG)
  • Premier Gold Mines (TSX:PG)
  • Detour Gold (TSX:DGC)

Here’s a look at what moved the share prices of those companies last week:

 

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Asanko Gold

Asanko Gold is aiming to build a mid-tier gold miner, currently developing its Asanko gold mine in Ghana. Last week, the company provided information on its annual general meeting to be held June 16 2016. The company also recently amended its debt repayment schedule ahead of its investment decision for Phase 2A of the Asanko mine. There was no new news from the company to explain its rise in share price last week. Shares of Asanko were up 21.43 percent to $4.93.

Vista Gold

Vista Gold shares gained 21.18 percent to reach $1.03 last week. The company holds the Mt Todd project, the largest undeveloped gold project in Australia.
Vista announced its first quarter results for 2016 on May 2, reporting a net loss of $0.7 million for the quarter. However, there was no further recent news last week to explain the company’s gains in share price.

Torex Gold Resources

Torex Gold Resources is an intermediate gold producer focused on developing its wholly owned Morelos gold property in Mexico.The El Limón Guajes Mine, located on the Morelos property, achieved commercial production in March 2016.
The company announced its first quarter results and an updated life of mine plan for Morelos on May 12. However, there has been no additional news from the company to explain last week’s share price rise. Torex saw its shares rise 19.13 percent last week to $2.18.

Premier Gold Mines

Premier Gold Mines gained 18.44 percent for the week to hit $3.34 per share. The company closed a financing arrangement with Orion Mine Finance on Thursday, including a US$30 million multi-draw credit facility and a private placement for proceeds of US$15 million. The company will use proceeds from the financing for general working capital purposes.

Detour Gold

Finally, Detour Gold rounded out the top five gaining mining stocks on the TSX last week, rising 18.05 percent to $26.69 per share. The company operates the Detour Lake mine in Ontario, one of the largest gold producing mines in Canada, with reserves of over 16 million ounces. Last week, the company announced it had been charged, along with three site employees, with offenses under the Occupational Health and Safety Act relating to a fatality that occurred at the mine last year.
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Data for 5 Top TSX 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 $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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