The S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 3.44 points or 0.02 percent on Friday (August 3), to 16,405.72. By midday, the TSX had made a slight climb and sat at 16,411.10 at 12:33 am EST.
Financial sector losses weighed down the TSX on Friday, and were further exacerbated by a slipping energy sector.
The energy sector dropped 0.5 percent as oil prices edged lower after supply concerns were eased as Russia increased production in July; and Saudi Arabia cut the price of crude for its Asian customers.
Last week’s top TSX stocks include three precious metals miners and two energy producers. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- Corvus Gold (TSX:KOR)
- Steppe Gold (TSX:STGO)
- Seven Generations Energy (TSX:VII)
- Tanzanian Royalty Exploration (TSX:TNX)
- NexGen Energy (TSX:NXE)
Here’s a look at those companies and the factors that moved their share prices last week.
Corvus Gold
Corvus Gold is a junior exploration and development company. Corvus is currently focused on advancing and maturing the company’s solely owned gold project, the North Bullfrog property.
The Canadian gold miner did not release any company news last week. However, in mid-July Corvus announced the expansion of its Mother Lode project in Nevada. Corvus shares were up 19.91 percent to C$2.75.
Steppe Gold
Steppe Gold is a precious metals exploration and development company focused on gold and silver projects in Mongolia. The company wholly-owns the advanced-staged ATO project.
Steppe did not release any company updates during the week. The precious metals producer’s shares grew by 13.56 percent and sat at C$1.34.
Seven Generations Energy
Calgary-based Seven Generations Energy is an energy company focused on the development and value optimization of high-quality, tight-rock, natural gas resource plays.
On Thursday (August 2), Seven Generations released an operations update, which highlighted C$434 million of funds earned through operation. The report also noted a production increase of 17 percent. Seven Generations stock was up 11.67 percent for the week, ending at C$16.43.
Tanzanian Royalty Exploration
With a specific focus on Tanzania, located in eastern Africa, Tanzanian Royalty is a gold miner. The company is presently engaged in developing the Buckreef gold mine project.
Last week, the precious metals producer released an announcement reporting a proven and probable gold reserve at Buckreef to be 951,000 ounces. Company stock was up 11.11 percent to C$0.60.
NexGen Energy
British Columbia-based NexGen Energy is an uranium exploration and production company. NexGen owns a portfolio of uranium exploration assets in the Athabasca Basin.
NextGen did not release any company news last week, however they did send out a statement regarding Cameco indefinitely closing the McArthur River uranium mine.
“The overall result of this shutdown is that it indefinitely removes 11 percent of global supply while simultaneously requiring Cameco (TSX:CCO) to source that amount of material from the market to fill contracted sales positions putting a tremendous strain on a market which already appears in deficit,” noted the statement.
NexGen Energy stock was up 5.15 percent for the week, closing at C$2.05.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Tradingview using Stock Screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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