Last week's top-gaining stocks on the TSX were Aya Gold and Silver, Nevada Copper, NextSource Materials, Forsys Metals and Talon Metals.
The index continued its upward trend and was on track for a monthly gain, its first in three months, on the back of better commodities prices and as data showed that the Canadian economy most likely grew above the Bank of Canada's forecast. Meanwhile, the American economy unexpectedly contracted in the second quarter, with investors expecting the US Federal Reserve to be slower to introduce rate hikes.
Looking over to commodities prices, gold rose last week on the back of a softer US dollar, trading above the US$1,750 per ounce mark again. Silver also jumped last week to trade above the US$20 per ounce level, while base metals prices increased on hopes of more infrastructure stimulus in China.
- Aya Gold and Silver (TSX:AYA)
- Nevada Copper (TSX:NCU)
- NextSource Materials (TSX:NEXT)
- Forsys Metals (TSX:FSY)
- Talon Metals (TSX:TLO)
Here’s a look at those companies and the factors that moved their share prices last week.
Aya Gold and Silver is focused on the acquisition, exploration and evaluation of mineral properties located in Morocco. Its flagship projects are the Zgounder silver mine and the Boumadine polymetallic deposit.
On July 19, the company reported high-grade silver drill results from an ongoing program at Zgounder. Last week, Aya Gold and Silver saw its share price increase 40.15 percent to hit C$7.33 by the end of the period.
Also making the top TSX performers list last week is Nevada Copper, whose flagship Pumpkin Hollow copper project is located in Nevada, US. Pumpkin Hollow has substantial reserves and resources, including copper, gold and silver. Its two fully permitted projects include a high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open-pit project, which is advancing towards feasibility status.
Last week, the company did not release any news, but during the five day period, Nevada Copper’s share price jumped 40 percent to end at C$0.31.
Toronto-based NextSource Materials is in the final development stage at its 100 percent owned Molo graphite project in Southern Madagascar. Molo is a fully permitted, feasibility-stage project and is the only project with SuperFlake graphite. Construction of Phase 1 of the Molo project is underway, with commissioning expected in Q3 of this year.
Last week, the company’s shares increased 32.82 percent to trade at C$2.59.
Uranium company Forsys Metals also made the list last week. The company is focused on developing uranium projects on the African continent. Currently the explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and it is also developing the Namibplaas uranium project, both in Namibia.
There was no news from Forsys Metals last week, but the company saw its share price increase 26.98 percent to reach C$0.80 by the end of the trading period.
5. Talon Metals
Last but not least is Talon Metals, which is focused on responsibly producing nickel for the electric vehicle industry. The high-grade Tamarack nickel-copper-cobalt project is located in Minnesota, US, and is comprised of the Tamarack North project and the Tamarack South project.
Last week, Talon Metals’ share price jumped 26.67 percent to end at C$0.57.
Data for 5 Top Weekly TSX Performers articles is retrieved each Friday at 10:30 a.m. EST 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.
Editorial Disclosure: NextSource Materials is a client of the Investing News Network. This article is not paid-for content.
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