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5 Top Weekly TSX Stocks: Loncor Gold Rises 20 Percent
May. 28, 2023 06:45PM PST
Last week's top-gaining stocks on the TSX were Loncor Gold, Forsys Metals, St. Augustine Gold and Copper, Africa Oil and Cardinal Energy.
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged down last Friday (May 25), opening at 19,774.08.
Despite seeing some gains at the start of the week, the index ended the period lower as tech and industrial shares declined.
On the commodities front, the gold price was hovering around the US$1,940 per ounce mark by the end of the week, with sister metal silver below US$23 per ounce. Despite those lower levels, many experts remain optimistic.
"If you don't have any gold — I think everyone should have some. And it's not a price thing, it's a protect yourself (thing)," Keith Weiner, founder and CEO of Monetary Metals, told the Investing News Network in a recent interview. "Gold protects you against all kinds of situations that seem increasingly to be coming our way."
Against that backdrop, some resource juniors saw their share prices go up last week. Here’s a look at those companies and the factors that may have driven their gains over the last five days.
1. Loncor Gold (TSX:LN)
Taking the first spot on this week’s top TSX stocks list is Loncor Gold, which rose 20 percent to end at C$0.48.
The gold exploration company, which did not release any news last week, is focused on the Ngayu greenstone belt, located in the northeast of the Democratic Republic of Congo. Loncor’s projects include the Imbo and Makapela assets. Within Imbo, the company is working on the Adumbi deposit.
2. Forsys Metals (TSX:FSY)
Uranium company Forsys Metals was also on the move this past week. The company is focused on developing uranium projects on the African continent. The explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and is also developing the Namibplaas uranium project; both assets are in Namibia.
The company did not release any news last week, but shares of Forsys Metals increased 9.76 percent to end at C$0.45.
3. St. Augustine Gold and Copper (TSX:SAU)
St. Augustine Gold and Copper is developing the King-king copper-gold project. The asset is one of the largest undeveloped copper-gold deposits in the world, and in terms of mining projects is one of the top three priorities for the Philippine government
Despite not releasing any news last week, shares of the company increased 9.09 percent to end at C$0.06.
4. Africa Oil (TSX:AOI)
Oil and gas company Africa Oil has producing and development assets in deep-water offshore Nigeria and development assets in Kenya. The company also has a portfolio of exploration assets in Western and Southern Africa.
Last Tuesday (May 23), the company said it has decided to exit its Kenya concessions as it is changing its strategy to focus on Namibia. Shares of Africa Oil increased 8.59 percent last to end the five day period at C$2.78.
5. Cardinal Energy (TSX:CJ)
Last but not least this week is Cardinal Energy, an oil-focused company with operations centered on low-decline light, medium and heavy quality oil in Western Canada.
There was no fresh news from Cardinal last week, but shares rose 7.49 percent to close last week at C$7.03.
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.
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