Since 2019, Canada’s Toronto Stock Exchange (TSX) has annually released the TSX30 list, highlighting the 30 companies with the strongest stock performance, adjusted for dividends, that are driving the Canadian economy. The highly anticipated 2024 TSX30 list has been released, with mining stocks remaining a standout, including a Chinese gold company.
To qualify for the 2024 TSX30, stocks must meet the following criteria: be listed on the TSX as of June 30, 2024; have been listed for at least three years; and have a closing stock price not less than CAD 0.50 and a market capitalization not less than CAD 75 million as of June 30, 2021.
According to TSX data, this year’s listed companies have increased their total market capitalization by 123% (CAD 210 billion) to CAD 380 billion. Out of the 30 companies, 25 hail from the oil and gas, industrial products and services, and mining sectors, with average growth rates of 196%, 319%, and 158%, respectively. Hammond Power Solutions (TSX:HPS.A, OTC Pink:HMDPF) tops the list with a 928% growth in stock price adjusted for dividends over three years.
Six mining companies made the list, including Canada’s large uranium producer Cameco (TSX:CCO, NYSE:CCJ) at 14th place with a 186% growth in stock price, and base metal miner Teck Resources (TSX:TECK.A, TSX:TECK.B, NYSE:TECK) in 24th place with a 140% increase.
China Gold International Resources (TSX:CGG, OTC Pink:JINFF) also appears on the 2024 TSX30, ranking 11th with a 208% growth in stock price. Additionally, Filo (TSX:FIL, OTCQX:FLMMF), Dynacor Group (TSX:DNG, OTC Pink:DNGDF), and Alamos Gold (TSX:AGI, NYSE:AGI) also made the cut.
Many companies are focused on gold, while others cater to the growing demand for energy-related commodities, playing a pivotal role in the transition to clean energy. TSX CEO Loui Anastasopoulos noted that the majority of TSX30 stocks are participants in Canada’s energy transition, making it a central theme for the 2024 list. Moreover, over half of the mining companies focus on base metals that are critical for electric vehicles, batteries, and low-carbon renewable energy.
Additionally, TSX has observed a significant shift in investment strategy from growth to value. About 63% of TSX30 companies pay dividends, with an average yield of 2.8%, indicating a growing investor preference for stable, cash-generating businesses. In contrast, only eight TSX30 companies paid dividends in 2021.
