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5 Top Weekly TSX Stocks: Sierra Metals Takes the Lead with Gain of Nearly 40 Percent
Nov. 26, 2023 07:45PM PST
This week's top-gaining mining and energy stocks on the TSX were Sierra Metals, Condor Energies, Western Resources, Aris Mining and Osisko Gold Royalty.
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) declined slightly last week, falling 0.31 percent to 20,103.2.
The latest inflation data shows Canada's consumer price index rose 3.1 percent year-on-year in October, in line with forecasts from economists. The number is down from September's reading of 3.8 percent. However, Leslie Preston, senior economist at TD (TSX:TD,NYSE:TD), told CBC that Canadians probably aren't noticing price decreases.
"Slower growth in prices may be imperceptible to consumers who are still paying more than 20 per cent more for a basket of groceries relative to three years ago — the biggest such increase in 40 years," she said.
Against that backdrop, some resource juniors listed on the TSX saw their share prices go up last week. Here’s a look at the five biggest gainers and the factors that moved their share prices during the period.
1. Sierra Metals (TSX:SMT)
Weekly gain: 38.89 percent; market cap: C$123.45 million; current share price: C$0.75
With a focus on Latin America, Sierra Metals is a mid-tier copper miner that produces base and precious metals by-products. The company has three mines that are in commercial production: the Yauricocha mine in Peru, and the Bolivar and Cusi mines in Mexico. It also has brownfield exploration opportunities in both of those countries.
Sierra's latest news came on November 16, when it announced that its shares had started trading on the OTCQX under the symbol SMTSF. The company's share price rose 38.89 percent last week to close at C$0.75.
2. Condor Energies (TSX:CDR)
Weekly gain: 23.62 percent; market cap: C$88.69 million; current share price: C$1.57
Condor Energies bills itself as an "energy transition developer," and is undertaking various activities in Central Asia and Turkey. The company has producing gas assets and is looking to build and operate Central Asia's first liquefied natural gas facility; it also has initiatives geared at gas field redevelopment and developing and producing lithium brine.
Condor's latest news came on November 9, when it shared its results for the third quarter. It reported highlights including the receipt of a 100 percent working interest in a contiguous 37,300 hectare lithium brine mining license in Kazakhstan for a period of six years. The company's share price jumped 23.62 percent last week to close at C$1.57.
3. Western Resources (TSX:WRX)
Weekly gain: 16.13 percent; market cap: C$73.53 million; current share price: C$0.18
Western Resources' key asset is the Saskatchewan-based Milestone potash project, which entered the construction phase in mid-2019 and is expect to start production in early 2024. Phase 1 has a production capacity of 146,000 metric tons of potash per year and will use selective solution mining techniques and crystallization ponds.
The company hasn't released news since September 28, when its subsidiary Western Potash received C$5 million of a C$10 million investment from Vantage Chance. Last week its share price rose 16.13 percent to end at C$0.18.
4. Aris Mining (TSX:ARIS)
Weekly gain: 13.51 percent; market cap: C$544.44 million; current share price: C$3.95
Americas-focused gold producer Aris Mining has assets in Colombia, where its Segovia operations and Marmato mine are located. The company also has a 20 percent stake in the Soto Norte joint venture in the country, and is moving forward at the advanced-stage Toroparu project in Guyana and the Juby project in Canada.
Aris' most recent news came on November 8, when it released its Q3 financial and operating results, reporting gold production of 60,193 ounces for the period. That puts the company on track to meet its 2023 guidance.
Last week, Aris' share price rose 13.51 percent to reach C$3.95.
5. Osisko Gold Royalties (TSX:OR)
Weekly gain: 13.37 percent; market cap: C$3.55 billion; current share price: C$19.16
Osisko Gold Royalties describes itself as an intermediate precious metals royalty company. It has honed its efforts on North America, and now has more than 180 royalties, streams and precious metal offtakes in hand. The cornerstone of the company's portfolio is its 5 percent net smelter return royalty Canadian Malartic, Canada's largest gold mine.
Last Monday (November 20), Osisko shared a board update, saying that Sean Roosen has resigned as a director so that he can focus on his role as CEO and chair at Osisko Development (TSXV:ODV,NYSE:ODV).
The company's share price rose 13.37 percent last week, finishing the period at C$19.16.
FAQs for TSX stocks
How big is the TSX?
The TSX is Canada's biggest stock exchange, and as of September 8, 2023, it had 1,789 listed stocks for a total market value of more than C$3.79 trillion. The TSX is often ranked as one of the 10 largest stock exchanges in the world.
Why do companies list on the TSX?
Listing on one of the world’s largest stock exchanges provides companies with greater market exposure, the ability to raise capital and an opportunity to build a strong financial reputation. In its technical guide to listing, the TSX states the exchange “offers companies a dynamic market to raise capital, enhanced liquidity, specialized indices, visibility and analyst coverage."
What sectors are included in the S&P/TSX Composite Index?
The S&P/TSX Composite Index tracks more than 230 constituents across a wide range of sectors, of which the top five by weight are: financials (30 percent), energy (18 percent), industrials (13.5 percent), materials (11.9 percent) and information technology (8 percent).
What was the highest point for the TSX?
The TSX hit a record high of 22,213.07 points in April 2022. While the exchange was at 20,074.65 points as of September 8, 2023, there are high expectations that the TSX could move past the 22,000 level by the end of 2023 to set new record highs.
Data for 5 Top Weekly TSX Performers articles is retrieved each Friday after market close 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.
Article by Charlotte McLeod; FAQs by Melissa Pistilli.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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