Top 3 performers and biggest losers on TSX for October 10-13, 2023

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The shortened trading week got off to a promising start but global events and stronger-than-expected U.S. inflation wound up sending investors scurrying.

For the week of Oct. 10-13, the S&P/TSX composite index relinquished its gains, closing down 0.20 per cent at 19,462.86.

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Here are the top three gainers and the three biggest losers on the index for the week.

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Top 3 gainers

Lundin Gold Inc.

One-week change: 9.10 per centYear-to-date change: 11.43 per cent

The Vancouver-based company, which owns and operates gold mines in Ecuador, got a significant boost when it reported it is back on track to meet its 2023 production guidance after reporting better-than-expected gold production in the third quarter.

Gold also surged above US$1,900 an ounce for the first time in two weeks as fears grew over the Hamas-Israel war and the worry that it could expand into a regional conflict involving Iran.

Analysts currently have nine buys, five holds, and no sells on the stock. The average 12-month price target is $19.86, according to Bloomberg.

Lundin closed Oct. 13 $16.55.

Spin Master Corp.

One-week change: 8.75 per centYear-to-date change: 9.87 per cent

Toronto-based Spin Master found a receptive audience for its deal to purchase U.S.-based toy company Melissa & Doug LLC for US$950 million in cash.

Several analysts raised their price targets on Spin Master following the announcement, with CIBC Capital Markets raising its target to $50 from $48 on Oct. 13.

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Analysts currently have nine buys and no holds or sells on the stock, and an average 12-month price target of $52.11, according to Bloomberg, up from $49.11 on Oct. 11.

Spin Master closed Oct. 13 at $36.61.

Eldorado Gold Corp.

One-week change: 8.07 per centYear-to-date change: 18.18 per cent

Vancouver-based Eldorado also benefitted from the investor rush to gold.

The shares caught investors’ attention earlier this week after Stifel Nicolaus Canada Inc. raised its rating to buy from hold, though it also lowered the price target for the stock to $15.50 from $16.50.

The company, which has gold operations in Brazil, China, Turkey, Greece and Canada, recently hosted a tour of its operations in Greece, which it called its “main growth driver,” and Turkey.

While the stock jumped, Stifel said “risks” remain to Eldorado achieving its commercial production expectations for late 2025.

Analysts currently have six buys, four holds and one sell on the stock, and an average 12-month price target of $16.75, according to Bloomberg.

Eldorado closed Oct. 13 at $13.39.

3 biggest losers

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Lithium Americas Corp.

One-week change: -18.66 per centYear-to-date change: -26.23 per cent

The precious metals company has lost steam following its debut on Canadian and U.S. markets on Oct. 4. after it spun off its Lithium Americas Argentina unit.

Vancouver-based Lithium Americas will focus solely on the Thacker Pass lithium deposit in Nevada. Earlier this year, the company and General Motors Co. announced they would jointly develop the mine as the automaker looks to source raw material for EV batteries.

Analysts currently have seven buys, one hold and no sells on the stock, and an average 12-month price target of $29.17, according to Bloomberg.

Lithium Americas closed Oct. 13 at $11.81.

Dye & Durham Ltd.

One-week change: -11.22 per centYear-to-date change: -26.69 per cent

Investors have pretty consistently pushed down shares of the software company after it reported a net loss in its fourth quarter of $69 million versus estimates for a loss of $9.6 million.

In late September, the Toronto-based company announced it was repurchasing shares for cancellation to boost its market prospects.

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Analysts currently have six buys, no holds and one sell on the stock, and an average 12-month price target of $25.57, according to Bloomberg.

Dye & Durham closed Oct. 13 at $12.03.

MTY Food Group Inc.

One-week change: -10.15 per centYear-to-date change: -10.83 per cent

MTY, which operates and franchises quick-service restaurants across Canada, has had a mixed 2023.

From the year-to-date high of $73.49 on Feb. 15, the stock is down 31 per cent.

Shares of the St. Laurent, Que.-based company plummeted earlier in the year after profit fell short of expectations. Earlier this week, the company reported earnings that beat expectations on net income and sales.

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Analysts currently have three buys, four holds and no sells on the stock, and an average 12-month price target of $68.57, according to Bloomberg.

MTY closed Oct. 13 at $50.89.

• Email: gmvsuhanic@postmedia.com

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