The commodity boom is alive and well for Canada’s top stock exchange. The S&P/TSX Composite Index is up 7.86 per cent in the second quarter, as of the close of trading Monday. The performance is enough to propel Toronto’s benchmark into the 33rd spot among 92 global peers, sandwiched between the Philippines and Hungary in terms of overall returns. That lags the S&P 500’s eight per cent increase, which has the U.S. benchmark ranked 31st in the world, but easily surpasses the blue-chip American benchmark Dow Jones Industrial Average’s 54th-placed showing. Here’s how Toronto booked that return:
Top Stocks:
- Tourmaline Oil Corp. +44.0 per cent
- BlackBerry Ltd. +43.7 per cent
- Enerplus Corp +39.1 per cent
Tourmaline Oil:
In spite of its name, Tourmaline is primarily a natural gas play. The company, Canada’s largest natural gas producer with significant assets in the Montney and Deep Basin formations, has gotten a significant boost from the underlying strength in commodity prices. Natural gas has been buoyed by the jump in natural gas prices due to unprecedented heat in Western Canada.
BlackBerry
Call it a meme stock rally. Shares of BlackBerry have gone on a meteoric rise as Reddit-based retail investors bid up a slate of stocks, including the likes of AMC Entertainment Holdings Inc. and Gamestop Corp. BlackBerry has been reluctant to capitalize on the gains, eschewing capital-raising schemes undertaken by other companies caught up in the wave.
Enerplus
Another oil and gas play, Enerplus has gotten a boost in the wake of a rebound in energy demand as the pandemic exits its darkest period. The company has been active in decamping from Canada to the United States in order to tap into a more accommodative regulatory environment, with CEO Ian Dundas repeatedly declaring regulations south of the border to be more accommodative for his firm.
Biggest losers:
- Westport Fuel Systems: -28.0 per cent
- Ballard Power Systems: -26.1 per cent
- Canopy Growth Corp: -25.2 per cent
Westport Fuel Systems
There’s been some cooling sentiment around alternative fuel vehicles after a massive rally in shares of companies focused on the future of transportation through 2020. Westport has been caught up in that trend, posting the biggest loss of any TSX-listed company. Shares of the firm have come under pressure amid that secular shift, leaving it as the worst performer on the TSX.
Ballard Power Systems
It’s a similar story for Ballard – a company that has been a boom and bust on public markets since the 1980s. Ballard has signed a number of deals to provide power units to public transit systems, but the widespread adoption of alternative power remains a hurdle.
Canopy Growth
It’s been a rough ride for the Canadian cannabis sector in the wake of legalization: the industry has been hampered by the combination of concerns over sustained profitability and the robustness of the legal market.
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2021-06-30 12:06:46Z
CBMiVmh0dHBzOi8vd3d3LmJubmJsb29tYmVyZy5jYS93ZS1yZS0zMy10c3gtcmlkZXMtY29tbW9kaXR5LXJhbGx5LXRvLXEyLXJldHVybnMtMS4xNjIzNTQ30gEA
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