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Wednesday, November 29, 2023

5 Top Weekly TSX Performers: Black Iron Takes the Lead

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 21,254.95 in the early morning last Friday (February 4). It closed the five day period at 21,270.35.

The index was on track for its best weekly performance since December as energy stocks gained and oil prices hit seven year highs on the back of supply concerns. Looking over to other commodities, gold and silver slipped on Friday as the US dollar strengthened after a US jobs report.

Against that backdrop, a number of companies saw their share prices increase during the trading week. Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Black Iron (TSX:BKI)
  • Gear Energy (TSX:GXE)
  • Frontera Energy (TSX:FEC)
  • I3 Energy (TSX:ITE)
  • Athabasca Oil (TSX:ATH)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Black Iron 

Black Iron is advancing its 100 percent owned Shymanivske project in Kryvyi Rih, Ukraine, to production. The project is surrounded by five operating mines, including Metinvest and ArcelorMittal’s (NYSE:MT) iron ore complex.

Last week, shares of Toronto-based Black Iron increased 35.48 percent to trade at C$0.21. The company did not release any news during the period.

2. Gear Energy

Calgary-headquartered Gear Energy is an oil company focused on operations in three core areas: Lloydminster heavy oil, Central Alberta light-medium oil and Southeast Saskatchewan light oil.

This company released no news last week, but saw its share price increase 31.2 percent to C$1.64.

3. 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.

Last Monday (January 31), the company announced a discovery at the Kawa-1 well in the Corentyne Block offshore Guyana. Shares of Frontera Energy increased 31.18 percent to end the week at C$13.

4. I3 Energy

I3 Energy is an oil and gas company with a low-cost, diversified and growing production base in the Western Canadian Sedimentary Basin; it also has appraisal assets in the North Sea with significant upside.

Last Thursday (February 3), the company announced that it is moving from a bi-annual to a monthly schedule for its dividend payments. Shares of I3 Energy increased 30.61 percent to trade at C$0.32 by the end of last week.

5. Athabasca Oil 

Alberta-based Athabasca Oil is focused on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the company has a significant land base of extensive, high-quality resources.

Last Wednesday (February 2), the company published its preliminary 2021 year‐end results; it also announced a US$25 million term note repayment and an operational update demonstrating momentum into 2022. Last week, Athabasca Oil saw its share price increase 27.5 percent to hit C$1.53.

Data for 5 Top Weekly TSX Stocks 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.

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