Canadian resource companies made up two-thirds of the top performing stocks on the Toronto Stock Exchange’s TSX30 in 2023.
Oil and gas companies alone made up 50 per cent of the top performing stocks on the list.
The TSX30 is an annual ranking that covers a three-year period. This year’s ranking found resource companies in general – mining and oil and gas companies – made up two-thirds of the top performing stocks.
The companies making this year’s list averaged 553 per cent share price appreciation, and accounted for $120 billion in value creation.
“Seven of the 30 companies represent the mining sector, with an average price increase of 615 per cent and a 442 per cent market capitalization increase,” the TSX30 list notes.
Three of the seven mining companies on the list are headquartered in sa国际传媒 – Teck Resources (TSX:TECK.B,NYSE:TECK,) Capstone Copper Corp. (TSX:CS) and China Gold International Resources (TSX:CGG).
Of the oil and gas companies on the list, a number are major players in sa国际传媒’s Montney natural gas formation, including companies like Tourmaline Oil (TSX:TOU), ARC Resources (TSX:ARX) and Ovintiv (TSX:OVV).
“The oil and gas sector has had a bad run for quite some time, but I think everyone knows that there’s been a bit of a resurgence in that space over the past year, so that’s been captured," Dean McPherson, head of global mining business for the TMX Group, told BIV News.
“As far as the mining space is concerned, I think a lot of what’s driving the out-performance is really the resurgence of mining from the energy transition perspective, and that started about three years ago.
“Back in 2021, the international capital markets for mining did extremely well and I think most of it came from the energy transition-critical minerals. So this year I think TSX30 is just capturing that.”
