The S&P/TSX Composite Index (INDEXTSI:OSPTX) continued its downward trend last Friday (May 5), opening at 20,238.19.
The index was headed for its fourth weekly loss as the financial sector felt the pressure of falling US bank stocks. Meanwhile, the US Federal Reserve raised interest rates by a quarter of a percentage point to the highest level in 16 years.
Fed Chair Jerome Powell emphasized that inflation may not come down quickly. “It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates,” he said.
The gold price soared on the back of the news, hitting near-record levels on Wednesday (May 3).
Against that backdrop, some TSX-listed gold stocks were on the rise, along with companies focused on other metals. Here’s a look at the exchange’s biggest gainers last week and the factors that moved their share prices.
1. Freegold Ventures (TSX:FVL)
Leading this week’s top TSX stocks list is Freegold Ventures, which is exploring for copper and gold near Fairbanks, Alaska. The company holds the Golden Summit project and the Shorty Creek project.
At the end of last week, shares of Freegold Ventures were trading at C$0.68, increasing 43.16 during the five day period. It did not share any fresh news during that time.
Nighthawk Gold made the top weekly TSX stocks list for the second week in the row. The company is advancing its multimillion ounce Colomac gold project, which is located in Canada’s Northwest Territories.
The latest news from the company came on April 26, when it released the results of a preliminary economic assessment for Colomac, showing estimated average annual gold production of 290,000 ounces over an 11.2 year mine life.
Last week, shares of the company increased 23.33 percent to end at C$0.74.
Brazil-focused Meridian Mining is currently focused on resource development at the Cabaçal volcanogenic massive sulfide gold-copper project, as well as regional-scale exploration at the Cabaçal volcanogenic massive sulfide belt. The company is also exploring the Jaurú and Araputanga greenstone belts, and the Espigão polymetallic project.
Last week, shares of the company increased 15.69 percent to end at C$0.59. It closed a bought-deal public offering for aggregate gross proceeds of C$18.4 million on Tuesday (May 2).
4. China Gold International (TSX:CGG)
China Gold International is a gold-focused company with two producing mines: the CSH gold mine in Mongolia, and the Jiama copper-gold-polymetallic mine in Tibet.
Despite not releasing any news last week, shares of China Gold International increased 15.26 percent to end at C$7.63.
5. Americas Gold and Silver (TSX:USA)
Americas Gold and Silver is a North America-focused company that runs the Cosalá operations in Sinaloa, Mexico. The company also manages the 60 percent owned Galena complex in Idaho, US, and is re-evaluating the Relief Canyon mine in Nevada, US. It owns the San Felipe development project in Sonora, Mexico, as well.
Last week, shares of Americas Gold and Silver increased 15.15 percent to end the five day period at C$0.76. The company did not share any news during that time.
Data for 5 Top Weekly TSX Performers articles is retrieved each Thursday 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.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Freegold Ventures is a client of the Investing News Network. This article is not paid-for content.
Image and article originally from investingnews.com. Read the original article here.