The Toronto Stock Exchange (TSX) has released its annual TSX30 list, showcasing the 30 top-performing companies that are making the most impact in driving Canada’s economy forward.
Established in 2019, the TSX30 ranks stocks by their dividend-adjusted share price performance over three years.
According to the TSX, this year’s constituents have a combined market cap of C$380 billion, with 25 of the 30 companies on the list coming from one of three sectors: oil and gas, industrial products and services and mining.
Hammond Power Solutions (TSX:HPS.A,OTC Pink:HMDPF) is in the top spot, achieving a dividend-adjusted share price increase of 928 percent over the three year period considered by the TSX.
Six mining companies made it onto the list, including major uranium producer Cameco (TSX:CCO,NYSE:CCJ) and Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK), which has a strong base metals focus.
They ranked 14th and 24th, respectively, with gains of 186 percent and 140 percent.
China Gold International Resources (TSX:CGG,OTC Pink:JINFF) also made a notable appearance on the TSX30 list, ranking in 11th place with a 208 percent increase. Filo (TSX:FIL,OTCQX:FLMMF), Dynacor Group (TSX:DNG,OTC Pink:DNGDF) and Alamos Gold (TSX:AGI,NYSE:AGI) also made the final cut.
While many of these firms are focused on gold, others have important roles in meeting growing demand for energy-related commodities that are essential for the ongoing transition to clean power.
The TSX notes that a key takeaway from the 2024 list is the shift from growth to value investing.
This year, approximately 63 percent of the companies on the TSX30 pay dividends, with an average yield of 2.8 percent, indicating a rising interest in stable, cash-generating businesses.
That’s a significant increase from 2021, where only eight companies on the TSX30 paid dividends.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.