The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened flat last Friday (June 16) at 20,027.35.
The index was on track for a weekly gain as energy stocks edged higher on the back of elevated oil prices.
On Friday, gold and silver prices were trading upward, while copper was climbing on the possibility of more stimulus in China. Also last week, the US Federal Reserve paused its rate hikes, but signaled two more increases are coming this year.
‘We think that gold has entered into a new phase of this bull market,’ said Adam Rozencwajg, managing partner at Goehring & Rozencwajg. ‘It probably started in the third and fourth quarter of last year, and it really revolves around central banks’ behavior as much as anything else. I think it’s going to propel gold much much higher in this leg of the bull market.’
Against that backdrop, some resource juniors saw their share prices go up last week. Here’s a look at the five biggest gainers and the factors that moved their share prices during the period.
1. Avalon Advanced Materials (TSX:AVL)
Leading this week’s top TSX stocks list is Avalon Advanced Materials, which rose 45 percent to end at C$0.14.
The Toronto-based company has five critical metals projects across Canada, with assets focused on commodities such as lithium, rare earths, cesium, tantalum, feldspars, tin and indium. Avalon is currently moving forward at its Separation Rapids lithium project near Kenora, Ontario, and its Lilypad cesium-tantalum project near Fort Hope, Ontario.
Last Thursday (June 15), the company announced a new joint venture with SCR-Sibelco, a global leader in materials solutions; SCR-Sibelco has made a US$63 million strategic investment in Avalon. This new partnership is expected to accelerate Avalon’s goal of building a mid-stream lithium hydroxide processing facility in Ontario.
2. Ero Copper (TSX:ERO)
Ero Copper’s primary asset is a 99.6 percent interest in copper miner Mineração Caraíba, which is the 100 percent owner of the Caraíba operations, located in Brazil. Caraíba includes the Pilar and Vermelhos underground mines, as well as the Surubim open-pit mine and the Tucumã project. Aside from Caraíba, Ero Copper owns 97.6 percent of NX Gold, a company that owns Xavantina, an operating gold-silver mine that is also situated in Brazil.
The company did not release any news last week, but shares of Ero Copper increased 17.47 percent to end at C$27.63.
3. Ivanhoe Mines (TSX:IVN)
Ivanhoe Mines is focused on advancing its three principal projects in Southern Africa: the Kamoa-Kakula copper joint venture in the Democratic Republic of Congo, the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa and the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Last week, shares of Ivanhoe Mines increased 11.55 percent to end at C$12.17.
4. Lundin Mining (TSX:LUN)
Diversified base metals mining company Lundin Mining has operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the US. It primarily produces copper, zinc, gold and nickel.
Shares of Lundin Mining increased 10.4 percent last week to trade at C$10.93 by the end of the period.
5. Aclara Resources (TSX:ARA)
Aclara Resources is a development-stage company focused on heavy rare earths. Its primary project is located in the BioBio region of Southern Chile. The company is developing its mineral resources through a project known as the Penco module.
Last week, shares of Aclara Resources increased 10.2 percent to end the five day period at C$0.54.
FAQS for TSX stocks
How big is the TSX?
The TSX is Canada’s biggest stock exchange, and as of June 16, 2023, it had 1,789 listed stocks for a total market value of more than C$3.792 trillion. The TSX is often ranked as one of the 10 largest stock exchanges in the world.
Why do companies list on the TSX?
Listing on one of the world’s largest stock exchanges provides companies with greater market exposure, the ability to raise capital and an opportunity to build a strong financial reputation. In its technical guide to listing, the TSX states the exchange “offers companies a dynamic market to raise capital, enhanced liquidity, specialized indices, visibility and analyst coverage.’
What sectors are included in the S&P/TSX Composite Index?
The S&P/TSX Composite Index tracks more than 230 constituents across a wide range of sectors, of which the top five by weight are: financials (30.1 percent), energy (16.6 percent), industrials (14 percent), information technology (7.7 percent) and materials (11.9 percent).
What was the highest point for the TSX?
The TSX hit a record high of 22,213.07 points in April 2022. While the exchange was at 19,970 points as of June 16, 2023, there are high expectations that the TSX could move past the 22,000 level by the end of 2023 to set new record highs.
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.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.