SLGGF - 5 Top Weekly TSX Stocks: Meg Energy Torc Up Over 50 Percent
The S&P/TSX Composite Index (INDEXTSI:OSPTX) was down on Friday (April 3), decreasing 252.51 points, to 12,845.33.
Oil prices were trading upwards by the end of the week trading above US$30 per barrel. OPEC and allies are working on a deal for a supply cut equivalent to around 10 percent of global output, according to Reuters.
In other commodities, gold was trading above US$1,600 per ounce on Friday, with silver also holding above US$14 per ounce after being under pressure for most of March. Meanwhile base metals continue to feel the impact of the epidemic uncertainty, with copper trading below US$5,000.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Meg Energy (TSX:MEG)
- Torc Oil and Gas (TSX:TOG)
- NexGen Energy (TSX:NXE)
- Solgold (TSX:SOLG)
- Frontera Energy (TSX:FEC)
Here’s a look at those companies and the factors that moved their share prices last week.
Meg Energy
Canada-focused MEG has all its efforts on producing sustainable in situ thermal oil in the southern Athabasca region of Alberta. MEG is actively developing innovative oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil as well as lower carbon emissions.
Despite not releasing news last week, Meg’s share price increased 79.51 percent over the five-day period to close at C$2.20.
Torc Oil and Gas
Another energy-focused company, Torc Oil and Gas has light oil operations in southeast Saskatchewan,cardium development in central Alberta and exposure to the light oil Torquay/Three Forks resource play in southeast Saskatchewan.
The company did not release news this past week but its share price jumped 57.89 percent to end the week at C$0.90.
NexGen Energy
British Columbia-based NexGen is focused on the acquisition, exploration and development of Canadian uranium projects. The company has the most significant land position in the southwest Athabasca Basin in Saskatchewan, Canada where it holds over 259,000 hectares.
On March 25, NexGen provided an update on the operational and corporate impacts of the COVID-19 pandemic on its planned activities. The company has postponed “yet to commence” work programs associated with both the feasibility study and environmental assessment while previously commenced “in progress” work programs are continuing where it has been assessed the function is not impacted by the current Health Authority guidelines.
NexGen Energy saw its share price increase 40.66 percent last week to C$1.28.
SolGold
Australian Gold and copper company SolGold is the largest and most active concession holder in Ecuador, where it’s exploring a prospective section of the Andean Copper Belt. The company also has projects in Australia and the Solomon Islands.
The government of Ecuador has been implementing strict measures to contain the coronavirus outbreak, leading SolGold to temporarily suspend site work in the country.
The company did not release any news last week, but saw its share price go up by 39.53 percent to reach C$0.30.
Frontera Energy
Frontera Energy is an explorer and producer of crude oil and natural gas, with operations focused in South America. The company has a diversified portfolio of assets with interests in more than 40 exploration and production blocks in Colombia, Peru, Ecuador and Guyana.
On March 23, Frontera released a response to the lower oil price environment caused by excess global supply and the COVID-19 pandemic, which includes a reduction in its 2020 capital plan and acceleration of cost savings initiatives. Last week, shares of the company increased 38.27 percent last week, to end at C$3.83.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View using Stock Screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within energy minerals and non-energy minerals sectors are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.