Canada’s Stock Market Sees Energy Industry Deepen Its Dominance – Energy News for the Canadian Oil & Gas Industry | EnergyNow.ca

(Bloomberg) The Toronto Stock Exchange’s new list of top-performing stocks shows that one of Canada’s dominant industries — oil — is becoming even more so.Two-thirds of the companies in the TSX30 unveiled Tuesday, highlighting the 30 best stocks over the last three years, are in oil and gas, including seven of the top 10. The No. 1 performer, Paramount Resources Ltd., has climbed a whopping 1,913% in that period.

energy stock dominance sept 13 2023

The industry’s position in Toronto trading means the energy sector’s weighting in the S&P/TSX Composite Index has climbed to 18.2% — second only to banks — from 10.8% at the beginning of 2021.

“It’s an important message to investors not to ignore this sector,” TMX Group’s vice-president of global business development Rob Peterman said in a telephone interview.

Peterman also highlighted battery metal stocks that were featured on the TSX30 list and said that a transition in energy “is going to be one of the things that define the Canadian market.”

Australian-headquartered Allkem Ltd., one of the 10-top performing stocks on the exchange over the last three years, is focused on lithium extraction and processing. The list also includes Global Atomic Corp., up 366% in three years, though shares have dropped 46% year to date.

Energy stocks have also been the top performers in the S&P 500 since September 2020, led by Occidental Petroleum Corp.’s 427% gain. But the US stocks barometer also includes flashy appearances by tech and pharmaceutical firms, like ON Semiconductor, up 348%, and Eli Lilly & Co., up 305%.

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