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Wednesday, June 7, 2023

5 Top Weekly TSX Performers: Oil Breaks US$100 Mark, Stocks Follow

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 20,932.28 in the early morning of last Friday (February 25). It closed the five day period higher, reaching 21,103.98.

Russia’s invasion of Ukraine last Thursday (February 24) saw markets tumble and oil prices climb to above US$100 per barrel for the first time since 2014. Russia is the world’s second largest producer of natural gas and is also one of the world’s largest oil-producing nations.

Looking over to metals, the gold price continued to move closer to US$2,000 per ounce as investors turned to safe-haven assets, touching U$1,970 on Thursday to then fall back below US$1,900. Russia is a major palladium producer as well, and the metal’s price increased to its highest level since July 2021, trading above US$2,700 per ounce on the back of potential supply disruptions.

Even though uncertainty dominated global markets last week, a number of companies saw their share prices increase during the trading period, with the energy sector seeing the biggest gains. The top five TSX-listed mining and energy stocks that gained the most last week are as follows:

  • Africa Oil (TSX:AOI)
  • Pieridae Energy (TSX:PEA)
  • Athabasca Oil (TSX:ATH)
  • Energy Fuels (TSX:EFR)
  • TransGlobe Energy (TSX:TGL)

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

1. Africa Oil

Leading the top TSX performers this week is oil and gas company Africa Oil, which has assets across the continent. It has three producing projects in deep-water offshore Nigeria, and it is a joint venture partner in development assets in Kenya. In addition to these, the company’s portfolio includes exploration properties in Guyana, Kenya, Namibia, Nigeria and South Africa, as well as in the Senegal Guinea Bissau joint development zone.

Last Thursday, Africa Oil announced a major light oil discovery offshore Namibia. By the end of the week, its shares had increased by 19.64 percent and were trading at C$2.68 on Friday.

2. Pieridae Energy

Founded in 2011, Pieridae Energy is focused on exploring for and extracting natural gas; it also has midstream infrastructure and integration opportunities in liquefied natural gas exports. The Calgary-based company’s highest-producing assets are in the Southern and Central Foothills of Alberta’s Rocky Mountains, and between all of its assets it produces around 40,000 barrels of oil equivalent per day.

Last week, Pieridae saw its share price increase 16.67 percent to C$0.45, although it did not share any news.

3. Athabasca Oil

Another Alberta-based energy company making the list this week is Athabasca Oil. The company has centered its efforts on the development of thermal and light oil assets in Alberta’s Western Canadian Sedimentary Basin.

Despite not releasing news last week, shares of Athabasca Oil increased 13.33 percent to end at C$1.87.

4. Energy Fuels

The only company not focused on oil and gas making this week’s top TSX performers list is Energy Fuels, a US uranium and vanadium producer. It is also ramping up to commercial-scale production of rare earth element carbonate. Energy Fuels holds three US uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery project in Wyoming and the Alta Mesa in-situ recovery project in Texas.

Last week, shares of Energy Fuels increased 11.11 percent to trade at C$9.20 by the end of the week.

5. Transglobe Energy

TransGlobe Energy is another oil and gas exploration and development company.

The company has the rights to four oil development concessions in Egypt: West Gharib, West Bakr and North West Gharib in the Eastern Desert, and South Ghazalat in the Western Desert. In Canada, TransGlobe holds interests in producing properties in Central Alberta’s Harmattan area.

Last week, the energy company saw its share price increase 10.29 percent to end at C$4.50.

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 sectors are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.

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