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5 Top Weekly TSX Stocks: Uranium Stocks Rise as Price Shows Resilience
Jun. 11, 2023 07:45PM PST
Last week's top-gaining stocks on the TSX were Eloro Resources, Ur-Energy, Forsys Metals, Laramide Resources and Verde Agritech.
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) ended last Friday (June 9) down, closing at 19,894.65.
Energy and tech stocks pushed the index lower last week, as oil prices were trending downward and the Bank of Canada hiked interest rates for the first time in four months.
Gold was hovering around US$1,960 per ounce on Friday, while silver climbed to US$24 per ounce. So far this year, uranium has been one of the most resilient commodities, currently trading above the US$55 per pound level.
"In the next one to two years … we're going to see US$100 a pound again for uranium," Chris Temple, founder, editor and publisher of the National Investor, said during an interview with the Investing News Network.
Against that backdrop, some resource juniors 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. Eloro Resources (TSX:ELO)
Leading this week’s top TSX stocks list is Eloro Resources. The exploration and mine development company saw its share price increase 21.59 percent to end at C$3.66, although it didn't release news during the period.
Eloro has a portfolio of gold and base metals properties in Bolivia, Peru and Quebec, Canada.
2. Ur-Energy (TSX:URE)
Uranium-focused Ur-Energy operates the Lost Creek in-situ recovery uranium facility in Sweetwater County, Wyoming.
On May 30, Ur-Energy restarted commercial production at Lost Creek and completed construction of its centralized services facility in Casper, Wyoming. The company did not release any news last week, but shares of Ur-Energy rose 18.18 percent to end at C$1.43.
3. Forsys Metals (TSX:FSY)
Another uranium company making the list is Forsys Metals, an explorer and developer focused on its projects in Africa. The company owns the Norasa uranium project in Namibia, which includes the fully permitted Valencia project and the Namibplaas project.
There was no news from the company last week, but its share price increased 16.25 percent to end at C$0.46.
4. Laramide Resources (TSX:LAM)
Laramide Resources is also focused on uranium. The company owns several projects in the US and Australia, including the Churchrock and Crowpoint in-situ recovery projects in New Mexico. Aside from those assets, Laramide is also advancing its Utah-based La Sal project and its La Jara Mesa project in New Mexico.
Last week, shares of Laramide Resources increased 14.67 percent to trade at C$0.43 by the end of the week.
5. Verde Agritech (TSX:NPK)
Last but not least this week is Verde Agritech, which is developing its Cerrado Verde project in Brazil. The project hosts a potassium-rich deposit from which the company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
Last week, shares of Verde Agritech increased 14.04 percent to end the five day period at C$2.68.
Data for 5 Top Weekly TSX Performers articles is retrieved each Thursday 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.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
https://www.linkedin.com/in/priscilabarrera/
pbarrera@investingnews.com
