TORONTO – The latest ranking of the Toronto Stock Exchange’s top-performing companies indicates investors were on the hunt for safe havens amid economic uncertainty.
The TSX 30 is an annual ranking of the top 30 best-performing stocks on Canada’s benchmark index based on dividend-adjusted share price performance across a three-year period.
The 2025 iteration of the list, released Tuesday, highlights three main themes — mining, AI and innovation, and industrials.
“What we’re seeing this year is that the Canadian markets are rewarding companies that really delivered certainty in very uncertain times,” said Loui Anastasopoulos, chief executive of the Toronto Stock Exchange.
He added that this year’s list represents a shift from previous years, when investors were more focused on growth investing with interest in areas like technology, electrification, critical minerals and more. In the current economic climate, Anastasopoulos noted that investors have displayed a preference for stable companies and value-based investing.
Electronics manufacturer Celestica Inc. topped the list, but Anastasopoulos said the representation of gold companies was the most observable shift from previous years.
Mining firms totalled 17 of the 30 companies listed, with 15 of those being gold names.
Lundin Gold Inc. came second on the list, with a 775 per cent dividend-adjusted return over three years. Avino Silver & Gold Mines Ltd. was fifth, with a 610 per cent return and New Gold Inc. took the eleventh spot, rising 394 per cent during the period.
The strong performance of gold companies this year comes alongside a sharp appreciation in bullion prices, topping US$3,600 an ounce, up from about US$2,500 last year.
“Rising water raises all ships, so that’s the case in the gold space,” said Ron Hochstein, CEO of Lundin Gold, in an interview.
He added that while Canada’s gold sector has seen relatively muted interest among generalist investors, the trend is starting to change. As a result, he thinks there could be more upside going forward.
Hochstein noted the main factor pushing gold prices higher is central banks around the world buying gold instead of U.S. Treasuries.
However, he noted there are keys to success for gold companies beyond benefiting from commodity price increases, pointing to a focus on operations and closely watching costs and productivity.
He added that investors want to see a disciplined approach and a focus on increasing shareholder value. Hochstein said capital control is a priority for firms looking to properly manage their budget.
Outside of the mining sector, AI and technology firms performed well, with Celestica posting a 1,599 per cent dividend-adjusted return over three years, garnering it the top spot.
Celestica provides advanced electronic manufacturing and supply chain solutions for customers across high-tech industries. Some of its largest customers include mega-cap tech companies.
“Our growth is driven by our ability to meet the demand from customers, expanding their networks to support new AI applications,” Rob Mionis, CEO of Celestica, said in the TSX30 press release on Tuesday.
The technology sector delivered the largest average share price increase, coming in at 620 per cent over a three-year period, according to the ranking.
Meanwhile, five industrial products and services firms made the list, including Bombardier Inc., AtkinsRealis Group Inc. and Bird Construction Inc.
“Canada’s infrastructure companies are benefiting from three converging themes. You’ve got energy transition, the need to modernize grids and transportation networks, and then we’re seeing corporate reshoring of supply chains,” Anastasopoulos said.
He noted firms such as Hammond Power Solutions Inc. are making transformers for power grids, while Bird Construction and Bombardier are benefiting from a “wave of capital investment in construction and transportation.”
“These companies are all supporting building Canada’s infrastructure,” Anastasopoulos said.
This report by The Canadian Press was first published Sept. 9, 2025.
Companies in this story: (TSX:LUG, TSX:CLS, TSX:BBD.B, TSX:ATRL, TSX:BDT, TSX:HPS.A, TSX: ASM)
