- Precious metals investment firm Sprott Inc (SII) have broken into the TSX’s headline index, following a reassessment of Canada’s top companies
- Sprott Inc has now been added to the S&P TSX Composite Index, which currently tracks around 250 listed companies and is considered Canada’s benchmark index
- Sprott’s addition the index comes after an unprecedented year-to-date, with COVID-19 induced volatility sending the price of gold and silver to record heights
- Sprott was not the only company to benefit from the recent strength in precious metals, with Fortuna Mines (FVI), New Gold (NGD) and Osisko Mining (OSK) also making the list
- Sprott Inc (SII) is up 0.15 per cent and is trading at C$52.49 per share
Precious metals investment firm Sprott Inc (SII) has broken into the TSX’s headline index, following a reassessment of Canada’s top companies.
Originally founded by Canada’s bullish gold and silver billionaire Eric Sprott, Sprott Inc has now been added to the S&P TSX Composite Index, which tracks around 250 listed companies and is considered Canada’s benchmark index.
Sprott’s addition the index comes after an unprecedented year-to-date, with COVID-19 induced volatility sending the price of gold to record heights. Consequently, Sprott shares have shot up almost 150 per cent, after initially dropping to a two-year low at the onset of the pandemic.
Sprott was not the only company to benefit from the recent strength in precious metals, with Fortuna Mines (FVI), New Gold (NGD) and Osisko Mining (OSK) also being added to the benchmark index.
The only new company moving onto the index that didn’t work in the precious metals sector was Trillium Therapeutics, which has also benefited from an upturn in the healthcare industry during the COVID-19 pandemic.
Meanwhile, oil and gas services company Pason Systems (PSI) and cinema chain Cineplex (CGX) were dropped from the list, following a difficult period for both industries in the wake of the pandemic.
Peter Grosskopf, CEO of Sprott Inc, said the company was honoured to be added to the S&P TSX composite index.
“Both of these milestones are recognition of Sprott’s achievements over the past three years and I would like to thank our employees and board of directors for their contributions to the Company’s success.
“The fundamentals are in place for a long bull market in the precious metals area and we look forward to continuing to deliver outstanding results to our clients and shareholders,” he said.
Sprott Inc (SII) is up 0.15 per cent and is trading at C$52.49 per share at 1:22pm EDT.