The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened down on Friday (July 28) at 20,385.47.
The index was on track for a weekly loss, reaching its biggest decline in three weeks on the last day of the trading week on the back of rising bond yields. On Wednesday (July 26), the US Federal Reserve increased interest rates another quarter point, reaching their highest point in 22 years.
Following the news, gold rose above US$1,970 per ounce, but was hovering around US$1,950 on Friday . Silver also fell sharply on Friday, set to end the five day trading period at US$24.22 per ounce.
Despite these price swings, last week some resource junior mining and energy focused companies saw their stock prices go up. Here’s a look at those companies and the factors that moved their share prices last week.
1. Verde Agritech
Leading this week’s top TSX stocks list is Verde Agritech, which saw its share price increase 28.46 percent to end the week at C$3.34.
Verde Agritech is developing its Cerrado Verde project in Brazil. The project is the source of a potassium-rich deposit from which the company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability. On July 27, the company said it is in advanced negotiations to sell carbon credits to major international corporations that are established purchasers of permanent carbon offset.
2. Northern Dynasty Minerals
Northern Dynasty Minerals is focused on developing the Pebble project in Alaska, where according to the company, one of the world’s largest undeveloped copper-gold-molybdenum-silver resource is located.
On July 26, the company announced that the State of Alaska filed a motion in the United States Supreme Court, arguing that the US Environmental Protection Agency’s veto of the Pebble Project breaches a contract involving Alaska and the United States. It also says it violates the federal statutory recognition and implementation of that land exchange. Following the news, shares of Northern Dynasty increased 25.37 percent to end the week at C$0.42.
3. Condor Energies
Condor Energies is an internationally-focused energy company with producing gas assets, an ongoing initiative to construct and operate Central Asia’s first LNG facility and another initiative focused on gas field redevelopments.
Last week, the company did not release any news, but shares of Condor Energies increased 24.17 percent to end at C$1.49.
4. Excelsior Mining
Excelsior Mining is a copper producing company that owns and operates the Gunnison copper project in Cochise County, Arizona.
Despite not releasing any news last week, shares of Excelsior Mining increased 15.22 percent, trading at C$0.26 by the end of the week.
5. Forza Petroleum
Last but not least this week is Forza Petroleum, an international oil exploration, development and production company. Forza Petroleum has a 65 percent participating interest in and operates the Hawler license area in the Kurdistan Region of Iraq.
On July 25, the company published its second quarter financial and operational results. Last week, shares of Forza Petroleum increased 8.33 percent, to end the five-day period at C$0.13.
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 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.
Article by Priscila Barrera; FAQs by Melissa Pistilli.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
