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5 Top Weekly TSX Stocks: Copper Miner Taseko Rises on Q3 Results

The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 5.48 percent last week, finishing at 19,825.5.

New data from Statistics Canada shows that the country’s economy added a net 17,500 jobs in October, which was fewer than expected; meanwhile the jobless rate rose to a 21 month high of 5.7 percent. Market watchers believe the Canadian central bank will take this as a sign that its inflation-taming tactics are working and it may not need to hike rates again.

South of the border in the US, the Federal Reserve left rates unchanged this past week.

Against that backdrop, some resource juniors listed on the TSX 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. Taseko Mines (TSX:TKO)

Company Profile

Weekly gain: 19.08 percent; market cap: C$522.52 million; current share price: C$1.81

Copper-focused Taseko Mines’ main asset is its BC-based Gibraltar mine, but it is also advancing its Florence copper project in Arizona, which it says will be North American’s next producer of the red metal. Aside from those assets, the company’s portfolio includes the Yellowhead copper project and Aley niobium project, both of which are in BC.

Taseko announced on Tuesday (October 31) that Florence’s final underground injection control permit is now in effect after no appeals were received by the US Environmental Protection Agency. The next day, the company released its Q3 results, highlighting adjusted EBITDA of C$63 million and earnings from mining operations before depletion and amortization of C$65 million. President and CEO Stuart McDonald said he is pleased with Gibraltar’s output — the mine produced 35 million pounds of copper and 369,000 pounds of molybdenum in the third quarter.

The company’s share price rose 19.08 percent last week to close at C$1.81.

2. Valeura Energy (TSX:VLE)

Company Profile

Weekly gain: 16.47 percent; market cap: C$395.62 million; current share price: C$3.89

With a focus on Thailand and Turkey, Valeura Energy is pursuing the exploration, development and production of petroleum and natural gas assets. Its strategy is to grow through M&A activity in Southeast Asia.

There was no fresh news from Valeura this week, but its share price rose 16.47 percent to to hit C$3.89.

3. Mega Uranium (TSX:MGA)

Company Profile

Weekly gain: 16.13 percent; market cap: C$130.08 million; current share price: C$0.36

The Maureen uranium-molybdenum project in Northern Queensland, Australia, is Mega Uranium’s main asset, but its portfolio also includes equity investments in public and private companies focused on uranium. Among the company’s equity holdings are NexGen Energy (TSX:NXE,NYSE:NXE), Toro Energy (ASX:TOE,OTC Pink:TOEYF), Uranium Royalty (TSX:URC,NASDAQ:UROY) and Consolidated Uranium (TSXV:CUR,OTCQX:CURUF).

Mega Uranium didn’t release any news this past week, but its share price finished at C$3.89, up 16.47 percent.

4. Marathon Gold (TSX:MOZ)

Company Profile

Weekly gain: 15.79 percent; market cap: C$265.63 million; current share price: C$0.66

Marathon Gold is moving forward at its Valentine gold project in Newfoundland and Labrador. The asset is currently in the construction phase, and as per an updated December 2022 feasibility study it has the capacity to produce 195,000 ounces of gold annually for 12 years within a mine life of 14.3 years; it will do so via open-pit mining and conventional milling.

On Monday (October 30), Marathon announced that Valentine’s Berry expansion has been released from the provincial environmental assessment process. President and CEO Matt Manson said the news puts Berry on track to be fully permitted well before the second quarter of 2025, when mining is set to begin in the area.

Shares of Marathon rose 15.79 percent last week in response to the news to reach C$0.66.

5. Touchstone Exploration (TSX:TXP)

Company Profile

Weekly gain: 15.22 percent; market cap: C$247.47 million; current share price: C$1.06

Oil and natural gas explorer and producer Touchstone Exploration operates in Trinidad and Tobago, where it says it is one of the biggest independent onshore oil producers. The company is also interested in properties in other areas with stable political and fiscal regimes, as well as reservoirs with large amounts of defined petroleum initially in place.

Touchstone didn’t release any news last week, but its share price rose 15.22 percent to close at C$1.06.

FAQs for TSX stocks

How big is the TSX?

The TSX is Canada’s biggest stock exchange, and as of September 8, 2023, it had 1,789 listed stocks for a total market value of more than C$3.79 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 percent), energy (18 percent), industrials (13.5 percent), materials (11.9 percent) and information technology (8 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 20,074.65 points as of September 8, 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 Charlotte McLeod; FAQs by Melissa Pistilli.

Securities Disclosure: I, Charlotte McLeod, 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.

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