Last Friday, the S&P/TSX Composite index (INDEXTSI:OSPTX) rose 1.07 percent, or 142.86 points, to end at 13,522 points. According to Reuters, that’s its second weekly increase in a row — what’s more, the index is one of the best-performing developed markets in the world this year.
Unsurprisingly, stocks in the resource space have gained alongside the index. The top-gaining TSX-listed resource stock last week was Rubicon Minerals (TSX:RMX), and it was followed by Stornoway Diamond (TSX:SWY), NioCorp Developments (TSX:NB), Belo Sun Mining (TSX:BSX) and Silvercorp Metals (TSX:SVM). Here’s a look at what moved the share prices of those companies last week.
Rubicon Minerals
As mentioned, Rubicon Minerals was the biggest gainer on the TSX last week, rising a whopping 90.91 percent to close the week at $0.11. The company, once an analyst favorite, has fallen from grace since operations at its Ontario-based Phoenix gold mine went awry last fall (click here for a good overview of what happened). Since then, the company has been forced to delist from the NYSE MKT and has engaged advisors to determine its next moves.
The company released no news last week, but did release a statement saying that it is unaware of what caused the spike in its share price.
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Stornoway Diamond
Stornoway Diamond’s flagship asset is the Renard diamond project in Quebec, which is on track to become the province’s first diamond mine. Earlier this year, it released a revised construction schedule for Renard, commenting that it now expects to achieve co