Last Friday, the S&P/TSX Composite index (INDEXTSI:OSPTX) fell 0.9 percent, or 118 points, to 12,8134 points. The index climbed 3.5 percent for the week as a whole, and is the best-performing developed market in the world so far in 2016.
The top-gaining resource stock on the TSX last week was Platinum Group Metals (TSX:PTM,NYSEMKT:PLG), and it was followed by Americas Silver (TSX:USA), Altius Minerals (TSX:ALS), Silvercorp Metals (TSX:SVM) and North American Palladium (TSX:PDL). Here’s a look at what moved the share prices of those companies last week.
Platinum Group Metals
As mentioned, Platinum Group Metals was last week’s top-rising resource stock on the TSX, enjoying a 70.25-percent gain to end Friday at $2.96. The company, which is focused on projects in South Africa’s Bushveld complex, acknowledged on February 16 that unusual trading activity was taking place, but said it was “not aware of any corporate developments to account for this activity.”
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Americas Silver
Americas Silver produces silver at the Mexico-based Cosala operations and the Galena mine complex in Idaho. Last week, its share price jumped 34.62 percent to hit $0.18. Like Platinum Group Metals, the company released no news that would explain the rise in its share price; most recently, on February 12, Americas Silver closed a $2.9-million subordinated credit facility.
Altius Minerals
Altius Minerals is a little different than Platinum Group Metals and Americas Silver — rather than being focused on exploration and mining, it’s a diversified mining royalty company. In all, the company has royalty interests in 13 producing mines in Canada. Though it didn’t release any news last week, its share price nevertheless rose an impressive 31.12 percent to close Friday at $10.07.
Silvercorp Metals
Last week, Silvercorp Metals saw its share price increase by 23.3 percent to reach $1.27. Like the other companies on this list, the company, which operates multiple silver mines in China, did not release any news that would explain that increase. Its most recent news came on February 5, when it released its latest quarterly financial and operating results.