5 Top Weekly TSX Stocks: First Majestic Up as Speculative Trading Increases

The S&P/TSX Composite Index (INDEXTSI:OSPTX) began last week at 17,835.32, but ultimately closed lower on Friday (January 29) at 17,346.85.

Vaccine rollout concerns pushed the index down, but losses were offset by gains in silver and gold prices.

On Friday, silver continued to rally after members of the Reddit forum WallStreetBets urged investors to pile into the precious metal to trigger a short squeeze.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

• Tanzanian Gold (TSX:TNX)
• McEwen Mining (TSX:MUX)
• First Majestic Silver (TSX:FR)
• Gran Tierra Energy (TSX:GTE)
• Almaden Minerals (TSX:AMM)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Tanzanian Gold

Gold-focused Tanzanian Gold has assets in Tanzania. Its advanced-stage assets include the Buckreef, Kigosi and Itetemia gold projects.

Last week, the company’s share price jumped 54.76 percent to end the period at C$1.30.

2. McEwen Mining

Gold and silver producer and explorer McEwen Mining is focused on the Americas, with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.

Last Friday, the company provided an update on its progress so far this year, along with a timeline for deliverables in 2021 and recent financing activities. During the five day period, McEwen Mining’s share price jumped 36.89 percent to end at C$1.67.

3. First Majestic Silver

Focused on silver production in Mexico, First Majestic Silver owns and operates the San Dimas silver-gold mine, the Santa Elena silver-gold mine and the La Encantada silver mine. In 2021, production from these mines is projected to be between 12.5 million and 13.9 million silver ounces, or 20.6 million to 22.9 million silver equivalent ounces.

Following a week where speculative trading was the name of the game, starting with GameStop (NYSE:GME) and moving to silver, First Majestic had to report that there have been no material changes that would account for the recent uptick in market activity. Last week, shares of First Majestic increased 32.92 percent to end at C$23.66.

4. Gran Tierra Energy

Gran Tierra Energy is an independent international energy company focused on oil and natural gas exploration and production in Colombia and Ecuador.

Last Tuesday (January 26), the company released its 2020 reserves and shared an operational update. Shares of Gran Tierra increased 31.25 percent to end the five day period at C$0.84.

5. Almaden Minerals

Almaden Minerals owns 100 percent of the Tuligtic project in Mexico. Tuligtic covers the Ixtaca gold-silver deposit, which was discovered by Almaden in 2010. The Ixtaca deposit currently hosts a proven and probable reserve of 65.1 million tonnes grading 0.62 grams per tonne gold and 37.7 grams per tonne silver, or 1.29 million ounces of gold and 78.8 million ounces of silver.

Last week, Almaden saw its share price go up by 27.03 percent to reach C$0.94.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.