Top 10 Best Performing Canadian Stocks in 2025

In the first half of 2025, Canada's market continued to demonstrate remarkable resilience amid ongoing global uncertainties and evolving economic conditions. Following the positive momentum from 2024, inflationary pressures have further eased, with recent data showing the Consumer Price Index (CPI) growth stabilizing around 2.1% year-over-year as of mid-2025—marking one of the lowest inflation rates in recent years. This improvement has been supported by the Bank of Canada's prudent monetary policy stance, which included a series of interest rate adjustments throughout late 2024 and early 2025 aimed at sustaining economic growth while keeping inflation in check.

The Canadian stock market maintained its robust performance, particularly in the energy and technology sectors, which continued to benefit from global demand and innovation-driven growth. Additionally, emerging sectors such as clean energy and advanced manufacturing have started to attract significant investor interest, reflecting the country's strategic shift towards sustainability and technological advancement.

This article will provide a detailed analysis of the Canadian stock market’s performance in the first half of 2025 and explore the key trends and prospects that investors should consider moving forward.

How are Canadian stocks performed in the first half of 2025

In the first half of 2025, Canadian stocks delivered a strong and resilient performance despite some global and domestic challenges. The S&P/TSX Composite Index rose approximately 5.37% year-to-date by May 2025, reaching record highs above 26,500 points in June, supported notably by gains in the energy sector amid rising oil prices and a rebound in precious metals stocks like gold and silver. The S&P/TSX 60 large-cap index also showed solid gains, outperforming smaller-cap segments, with monthly gains around 3.39% early in the year.

The market strength was broad-based across most sectors except Health Care, with materials, energy, and financials leading the rally. The energy sector benefited from a significant rise in natural gas prices over the prior six months, boosting Alberta’s GDP and the overall economy. Meanwhile, ongoing trade discussions and easing tariff tensions between Canada and the U.S., alongside lower inflation data, helped bolster investor confidence.

However, volatility increased toward mid-year due to global trade uncertainties, geopolitical risks, and commodity price fluctuations, particularly in oil and base metals. These factors introduced some caution among investors, with expectations of possible choppier market conditions in June.

The rebound in commodity prices

In the first half of the year, prices of precious metals, copper, and oil and gas resources have seen an increase, ranking among the top gains in global major assets. As a country that exports resources, the extraction and export of oil and gas resources and precious metals hold an important position in Canada's economic system. The rise in the prices of these commodities has a positive impact on the profits of related companies, thereby pushing up the energy and raw material sectors in the equity market.

The Bank of Canada's interest rate cut

On June 5th, the Bank of Canada announced a rate cut, which, despite being in the middle of the year, was already anticipated by the market. This move had a positive impact on market sentiment from the beginning of the year. The rate cut reduced borrowing costs, stimulating consumption and business investment, and providing momentum for the stock market to rise.

The global economic recovery

Since the beginning of the year, the global economy has shown signs of recovery. The pick-up in global trade volume, along with positive changes in the Manufacturing Purchasing Managers' Index (PMI) across various countries and regions, indicates that manufacturing output and the number of new orders are increasing. This reflects the strengthening of market demand and the activity in production. The increase in international trade activities has also brought benefits to Canadian companies that rely on exports.

Top 10 best performing Canadian stocks

Below is a list of the top ten Canadian stocks with a market capitalization exceeding $10 billion, ranked by their year-to-date gains as of July 2025.

First Quantum Minerals Ltd (FM)

Sector: Metals & Mining

First Quantum Minerals Ltd is a diversified mining company operating flagship copper assets at Cobre Panamá (currently under care-and-maintenance), Kansanshi and Sentinel in Zambia, alongside nickel, gold, zinc, and other operations across Australia, Turkey, and Latin America.

In Q1 2025, the firm reported revenue of US $1.19 billion (a 15% YoY increase), gross profit of US $331 million, and a net loss of US $23 million—reflecting investments in arbitration settlements and increased costs.

Atkinsrealis Group Inc (ATRL)

Sector: Construction

Atkins Realis is a professional project management company for engineering projects, offering services that include financing, consulting, procurement, construction, operations, and maintenance, covering the entire process of project engineering and management. The markets served by the projects include construction, industry, mining, nuclear energy, power, transportation, and more.

In Q1 2025, the company posted strong financial results with $2.55 billion in revenue, marking a 12% year-over-year increase. Adjusted net income from its Professional Services & Project Management (PS&PM) segment climbed 36% to $100.5 million, while diluted EPS rose 50% to $0.39 per share, driven largely by robust performance in its nuclear business.

Lundin Mining Corp (LUN)

Sector: Metals & Mining

Lundin Mining is a diversified metal mining enterprise with a global footprint, active in nations including Argentina, Brazil, Chile, Portugal, Sweden, and the United States. The company's primary commodities are copper, zinc, gold, and nickel, with copper accounting for 70% of its main revenue.

In Q1 2025, the company generated US $963.9 million in revenue from ongoing operations—a 19% increase year-over-year, with adjusted EBITDA of $387.9 million and net earnings of $138.1 million (US$0.16/share). Copper production reached approximately 76,800 tonnes, with gold output around 32,000 oz. Additionally, the April sale of its European assets (Neves‑Corvo and Zinkgruvan) for US $1.4 billion has strengthened the balance sheet, while the Vicuña joint venture with BHP adds a major future growth opportunity.

Ivanhoe Mines Ltd (IVN)

Sector: Metals & Mining

Ivanhoe Mines is a mining company focused on emerging markets, particularly the development of mines in Africa. The company's main projects are four located in southern Africa, extracting metals such as gold, copper, nickel, zinc, and silver.

In Q1 2025, the company achieved a net profit of US $122 million, up from US $88 million in Q4 2024, alongside record adjusted EBITDA of $226 million. The standout driver was Kamoa‑Kakula, which recorded 133,120 tonnes of copper in Q1—the highest ever—generating $973 million in revenue, $585 million in EBITDA, and maintaining a strong cash cost of US $1.69/lb.

Kinross Gold Corp (K)

Sector: Metals & Mining

Kinross Gold Corp. is a senior gold and silver producer operating globally—including in the U.S., Brazil, Chile, Mauritania, and Canada. In Q1 2025, the company reported a remarkable net income of US $368 million (US $0.30 per share), more than tripling from US $107 million a year earlier, driven by higher realized gold prices (an average of US $2,857/oz, up 38%) and improved margins per gold-equivalent ounce (+67%).

Pan American Silver Corp (PAAS)

Sector: Metals & Mining

Pan American Silver Corp is a world-class silver and gold producer, listed on the New York and Toronto Stock Exchanges. The company is primarily engaged in the exploration, development, and operation of silver and gold, and the mines it operates also extract and sell zinc, lead, and copper ores. All of the company's operating mines are located in various countries in the Americas.

In the first quarter of 2025, the company achieved record financial results, with revenue surging to $773.2 million—a 29% increase year-over-year—driven by robust silver and gold production and favorable metal prices. Net earnings reached $169.3 million, a significant turnaround from the losses recorded in previous years, and basic earnings per share climbed to $0.47.

Looking ahead, Pan American Silver remains focused on advancing key growth projects such as the Jacobina optimization and La Colorada Skarn development, while reaffirming its 2025 production guidance of 20–21 million ounces of silver and 735,000–800,000 ounces of gold. The company also continued its shareholder-friendly capital allocation, paying a $0.10 per share dividend and executing share buybacks.

Dollarama Inc (DOL)

Sector: Retail

Dollarama is one of Canada's largest discount retailers, primarily selling a variety of everyday items, seasonal products, and confectionery. The company is known for its fixed-price model and extensive product selection. Its stores are located across Canada and are all directly owned and operated by the company.

The company maintained strong momentum in the first half of 2025, reporting second-quarter revenue of CAD 1.56 billion, up 7.4% year-over-year, driven by a 4.7% increase in comparable store sales. The company’s focus on everyday essentials, seasonal products, and confectionery, combined with its fixed-price model, continued to resonate with Canadian consumers despite a cautious spending environment.

Agnico Eagle Mines Ltd (AEM)

Sector: Metals & Mining

Agnico Eagle is a gold mining company with operations in Canada, Mexico, Finland, and Australia. It has decades of experience in gold production and is one of the world's leading gold producers, with gold production exceeding 3.4 million ounces in 2023.

The company has a healthy financial performance, with stable growth in operating revenue for several consecutive quarters. In the second quarter of this year, the revenue was $2.077 billion(USD), a year-on-year increase of 20.86%; the net profit was $472 million, a year-on-year increase of 45.83%.

Fairfax Financial Holdings Ltd (FFH)

Sector: Insurance

Fairfax is a financial holding company with a business scope that covers property and casualty insurance, reinsurance, and investments. Its operations span Canada, the United States, and other international markets. Additionally, Fairfax owns some non-financial businesses, primarily in the restaurant sector.

In the second quarter of this year, Fairfax's operating revenue was $6.802 billion(USD), a year-on-year increase of 23.55%; net profit was $1.056 billion, a year-on-year increase of 27.34%.

Cameco Corp (CCO)

Sector: Other Energy Sources

Cameco is one of the world's largest uranium producers, with its main business focused on the exploration, mining, refining, and sales of uranium. In addition to uranium production, Cameco also provides nuclear fuel services, including uranium conversion, uranium enrichment, and fuel assembly manufacturing. The company is also involved in other parts of the nuclear fuel cycle, such as decommissioning services and waste management.

Looking ahead, Cameco remains well-positioned to capitalize on the growing demand for nuclear energy amid global energy security and climate concerns. The company reaffirmed its 2025 outlook, expecting continued strong financial results driven by long-term contracting strategies and operational discipline.

The bottom line

The Canadian stock market made a strong showing in the first half of 2025, particularly with significant growth in the resource sector, represented by metal mining. However, despite the resilience and potential demonstrated by the Canadian market, investors should still be aware of the risks associated with market volatility. The global economic environment remains uncertain, and the market could be affected by political and economic events both domestically and internationally. Therefore, investors should make investment decisions cautiously based on their own risk preferences and investment objectives, and continue to monitor market trends as well as the fundamentals of companies. A well-diversified investment portfolio can help mitigate the potential negative impacts of market fluctuations.