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 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 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.
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.
North American Palladium
Finally, North American Palladium’s share price rose 16.87 percent to end last week at $4.85. The company is an established precious metals miner, and has been operating its Ontario-based Lac des Iles mine since 1993; the mine is one of just two primary palladium-producing mines in the world. North American Palladium didn’t release any news last week that would explain the uptick in its share price.
Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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