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The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed last Friday (July 15) at 18,391.96.
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 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, following the announcement. “This should be looked at as good news, but markets hate surprises and this caught a lot of people off guard.”
The gold price continued its decline last week, falling to the US$1,700 per ounce level on the back of a stronger US dollar. Silver followed gold’s path, trading around the US$18 per ounce mark.
Last week, a number of companies saw their share prices increase, with precious metals and energy stocks making the top performers list. The five TSX-listed mining stocks that saw the biggest gains are as follows:
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 has discovered a new silver- and zinc-rich mineral district in the south of the Mexican state of Chihuahua. Its flagship asset is the Los Gatos district, which includes the Cerro Los Gatos mine.
During the second quarter of 2022, silver production at Cerro Los Gatos increased by 9 percent, and lead and zinc production increased by 5 and 8 percent, respectively, compared to the second quarter of 2021.
The news sent the company’s share price up 16.82 percent to hit C$3.89 by the end of the week.
Kolibri Global Energy 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 US.
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 at C$1.72.
3. UEX
UEX is 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.
Last Thursday (July 14), the company kicked off this summer’s exploration drilling program at Christie Lake. Last week, UEX’s share price increased 10.94 percent and was trading at C$0.35 by the end of the period.
Freegold Ventures 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 reach C$0.41 by the end of the trading week.
Another uranium company making the list is Denison Mines, an exploration and development firm with efforts centered on the Athabasca Basin region of Northern Saskatchewan, Canada.
Last Tuesday (July 12), Saskatchewan gave approval for Denison to prepare, construct and operate the facilities required to carry out an in-situ recovery feasibility field test planned for the Phoenix deposit at the company’s 95 percent owned Wheeler River project. During the period, Denison shares jumped 10.48 percent to end 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.
Editorial Disclosure: Freegold Ventures is a client of the Investing News Network. This article is not paid-for content.
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Image and article originally from investingnews.com. Read the original article here.