The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 18,368.55 early morning on Friday (July 15).
The index fell on the last day of trading, in a week that saw the largest interest rate hike from the Bank of Canada since 1998. The central bank increased interest rates by 100 basis points on Wednesday (July 13), a move that caught many off guard as expectations were for an increase of 75 basis points.
“It’s great to see central banks finally waking up and trying to get ahead of this,” said Greg Taylor, chief investment officer at Purpose Investments. “This should be looked at as good news, but markets hate surprises and this caught a lot of people off guard.”
Gold prices continued their decline last week, falling to the US$1,700 per ounce level on the back of a stronger dollar. Silver prices followed gold’s path, trading around the US$18 per ounce mark.
Last week, a number of companies saw their share price increase, with precious metals and energy stocks making the top performers list this week. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- Gato Silver (TSX:GATO)
- Kolibri Global (TSX:KEI)
- UEX (TSX:UEX)
- Freegold Ventures (TSX:FVL)
- Denison Mines (TSX:DML)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Gatos Silver
Gatos Silver is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. The company’s flagship asset is the Los Gatos district, including the Cerro Los Gatos mine in Chihuahua, Mexico.
During the second quarter of 2022, silver production at Cerro Los Gatos increased by 9 percent and lead and zinc production increased by 5 percent and 8 percent, respectively, compared to the second quarter of 2021.
As a result of the news, the company saw its share price increase 16.82 percent to C$3.89 by the end of the trading week.
2. Kolibri Global Energy
International energy company Kolibri Global is focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the company owns and operates energy properties in the United States.
Last week, the company did not release any news, but during the five day period, Kolibri’s share price jumped 14.67 percent to end the period at C$1.72.
3. UEX
UEX has its focus on developing uranium and cobalt deposits in the Athabasca Basin. The company has four flagship projects: the West Bear project, the Christie Lake property, the Horseshoe and Raven deposits, and the Shea Creek property.
On July 14, the company announced it has kicked off its 2022 summer exploration drilling program at its Christie Lake project located in the Athabasca Basin of northern Saskatchewan. Last week, UEX’s shares increased 10.94 percent, trading at C$0.35 by the end of the week.
4. Freegold Ventures
Freegold is focused on exploring for copper and gold near Fairbanks, Alaska. The company holds the Golden Summit project and the Shorty Creek project.
There was no news from Freegold last week, but the company saw its share price increase 10.67 percent to C$0.41 by the end of the trading week.
5. Denison Mines
Another uranium company making the list this week is Denison, an exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada.
On July 12, the company received approval from the province of Saskatchewan to prepare, construct, and operate the facilities required to carry out the in-situ recovery feasibility field test planned for the Phoenix deposit at Denison’s 95-percent owned Wheeler River project. During the five-day period Denison Mines’ share price jumped 10.48 percent to end the week at C$1.37.
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.
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Image and article originally from investingnews.com. Read the original article here.