Weekly stock markets around the world are often unpredictable, and the TSX is no exception. This week has been especially volatile, with some stocks jumping nearly 24% from week to week. In light of this, we’ve rounded up the top 5 TSX stocks that made the biggest weekly gains.
Mcewen Mining takes first place on this list, with a massive 24% jump in its stock value. This surge came as investors celebrated the news of Stellantis Nuton Investments investing a hefty 500 million dollars into the gold and silver mining company. Stellantis itself formed from a merger of Fiat Chrysler and the French carmaker PSA Group, and recently it has been targeting the resource sector in its investments.
Second place was taken by RioCan REIT, which saw its stocks jump an impressive 17%. This is likely due to the company’s recent announcement of a multi-project venture in Canada with the leading U.S. developer, Brookfield Asset Management. The $2 billion development looks set to create significant economic output in the Greater Toronto Area.
The third spot was secured by NorthWest Healthcare Properties REIT, whose stock saw an 8% surge as they announced the completion of their $1 billion growth plan. Through this, they have acquired a portfolio of medical office buildings in the U.S. which they plan to use to expand their business, taking advantage of the favourable healthcare investment market in the country.
Closing fourth place is Eldorado Gold, with a 5% increase in its stock price this week. This was a result of rising gold prices, as investors look for havens in these volatile times. The company is set to receive a large cash injection from the European Bank for Rehabilitation and Development (EBRD), part of which will be used for the construction of a tailings storage facility at its Certej mine in Romania.
Finally, the fifth spot is occupied by Hydro One Limited, who also saw a 5% rise in its stock price. The company recently announced its plan to invest $2.7 billion in renewable energy projects, helping to reduce Ontario’s dependence on fossil fuels. With this, Hydro One is setting an example for other companies hoping to transition into cleaner energy sources.
As the stock market remains unpredictable, it is important to stay informed on the latest trends and news in the markets. With this, investors will be more likely to make informed decisions about which stocks to invest in. From gold to renewable energy, these top 5 stocks paid off this past week.