The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 0.46 percent last week, closing the period at 19,500.73.
The gold price attracted investor attention in the resource industry as turmoil in the banking sector helped to push it over US$2,000 per ounce. Market watchers were also closely eyeing the US Federal Reserve’s meeting — after much speculation about how it would react to the ongoing banking crisis, the central bank ultimately hiked interest rates by 25 basis points.
Here’s a look at the five top-gaining TSX mining companies last week and the factors that moved their share prices.
Weekly gain: 30.8 percent; current share price: C$2.93; market cap: C$268.31 million
Valeura Energy is focused on exploration, development and production activities at its petroleum and natural gas assets in Thailand and Turkey. It is also pursuing growth in Southeast Asia through mergers and acquisitions.
The company released several pieces of news last week. On Tuesday (March 21), it announced it will be acquiring the remaining minority interest in Valeura Energy Asia, a special purpose vehicle subsidiary that holds Valeura’s Thailand assets. The same day, the company shared an update on its Wassana crude oil storage vessel. Finally, on Wednesday (March 22), Valeura said that Valeura Energy Asia has completed the “transformative” acquisition of interests in various licenses in the Gulf of Thailand.
2. Wallbridge Mining Company (TSX:WM)
Weekly gain: 29.17 percent; current share price: C$0.155; market cap: C$136.77 million
Wallbridge Mining Company’s flagship asset is its Fenelon gold project in Quebec’s Northern Abitibi region. An 830 square kilometer land package held by the company includes Fenelon, as well as the Martiniere property; the company believes both have good development potential. Wallbridge also has a 19.9 percent stake in Archer Exploration (CSE:RCHR).
The company’s latest news came on March 13, when it closed a non-brokered private placement with Agnico Eagle Mines (TSX:AEM,NYSE:AEM) for 6 million shares priced at C$0.17 each. Wallbridge will use the funds for exploration.
Weekly gain: 17.77 percent; current share price: C$3.91; market cap: C$1.36 billion
Explorer Osisko Mining wholly owns the Windfall gold deposit, located in Quebec between Val-d’Or and Chibougamau. It also owns claims covering over 2,300 square kilometers in the Urban Barry and Quevillon areas.
The company’s most recent news came on March 16, when it signed a definitive agreement with Miyuukaa, a corporation owned by the Cree First Nation of Waswanipi, to transport hydroelectric power to Windfall.
Weekly gain: 14.88 percent; current share price: C$1.39; market cap: C$948.37 million
Intermediate gold miner New Gold has two producing assets in Canada: the Rainy River gold-silver mine in Ontario and the New Afton gold-copper mine in BC. New Gold hasn’t released any news in March, but its share price was on the rise last week.
5. Mandalay Resources (TSX:MND)
Weekly gain: 13.74 percent; current share price: C$2.40; market cap: C$221.38 million
Manadaly Resources has assets in diverse locations, including its Costerfield gold-antimony mine in Australia and its Björkdal gold mine in Sweden. The company also Chilean and Canadian assets under closure or development status.
The only news Mandalay has released so far this month came on March 6, when the company announced the appointment of Frazer Bourchier as president and CEO. He will take over from Interim CEO Dominic Duffy.
Data for 5 Top Weekly TSX Performers articles is retrieved each Friday after market close 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.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Image and article originally from investingnews.com. Read the original article here.