2024 Full Year Recap | Top 10 Best Performing Stocks in Canada

As 2024 draws to a close, it's an ideal moment to look back on some of the surprising performances in the Canadian stock market. Following a rebound in Canadian stocks in 2023, the momentum continued into 2024, with the S&P/TSX Composite Index year-to-date rising by an impressive 17.4% as of last weekend. Since June, interest rate cuts in Canada have spurred a rapid rise in local stocks, with the technology stocks at the forefront of this growth.

Additionally, recent geopolitical conflicts have introduced uncertainty into global markets, thereby driving a significant rally in mining stocks, particularly in the gold stocks. This combination of factors has contributed to the robust expansion of the Canadian stock market throughout the year.

In this article, we will highlight 10 best stocks to buy right now in Canada! By investing in these well-researched and strategically selected stocks, you can maximize the growth of your portfolio. Let's jump right in!

Top 10 best performing stocks in Canada

The chart below shows the top 10 best performing stocks in Canada for 2024. The data source is Bloomberg, and the data covers the period from January 1 to December 23, 2024.

Overall, technology, financial and mining stocks performed relatively well in the Canadian stock market in 2024. In terms of industry distribution, these ten stocks span a variety of sectors, including electronics manufacturing, infrastructure, mining, finance, apparel, retail, and e-commerce. This indicates that the Canadian stock market's performance in 2024 has been quite diversified, with multiple industries having the potential to yield high-return stocks.

At the same time, this also reflects some market trends. For example, the good performance of mining stocks (such as First Quantum Minerals and Agnico Eagle Mines) and gold stocks (such as Kinross Gold) may suggest some level of uncertainty in the global economic landscape in 2024, making investors favor mining and gold assets with safe-haven properties. Meanwhile, the rise in e-commerce stocks like Shopify and financial stocks such as Manulife Financial and Fairfax Financial indicates the continued growth of the digital economy and financial services sector.

$Celestica Inc (CLS.CA)$

Celestica (TSX:CLS) experienced a remarkably dynamic year in 2024. CLS (Celestica Inc.) topped the list with an impressive gain of 261.48%, making it the standout performer. This impressive surge was driven primarily by the robust performance of its Connectivity and Cloud Solutions (CCS) segment, which achieved a remarkable 42% revenue growth year-over-year last quarter, fueled by the booming artificial intelligence (AI) industry. Despite a 5% revenue decline in its Advanced Technology Solutions (ATS) segment, Celestica still reported a 22% increase in overall revenue, reaching US$2.5 billion.

Year to date, Celestica has achieved a 22% increase in revenue, reaching US$7.1 billion, and a 34% rise in gross profit, totaling US$555.3 million. The company's diluted earnings per share (EPS) surged by 85% to $2.46. However, due to the rapid rise in its stock price, many analysts suggest that the stock may be overextended. A potential pullback to below $100 per share could offer a buying opportunity for investors looking to capitalize on a dip.

$Atkinsrealis Group Inc (ATRL.CA)$

AtkinsRéalis Group Inc. (TSX: ATRL) ranked second with a 78.10% increase. AtkinsRéalis Group Inc. (TSX: ATRL) is a world-class engineering services and nuclear energy company with offices around the globe. It offers a range of services including financing, consulting, procurement, construction, operations, and maintenance.

AtkinsRéalis reported impressive results for the third quarter of 2024, driven by consistent demand for engineering services, strong conditions in the nuclear end-market, and a strategic focus on enhancing margins. The company achieved substantial operating cash flows, organic revenue growth, and year over year margin improvements. Additionally, AtkinsRéalis maintained a robust backlog, reaching a record high in its Nuclear segment.

According to AtkinsRéalis' third quarter 2024 financial report, its Services segment generated total revenue of $2.3 billion, reflecting a 15.0% year over year increase with an organic growth rate of 13.5%. The Engineering Services regional segment reported total revenue of $1.8 billion, marking a 9.7% year over year increase with an organic growth rate of 8.4%. The Nuclear segment achieved revenue of $368.9 million, representing a 36.4% year over year increase with an organic growth rate of 34.7%.

$First Quantum Minerals Ltd (FM.CA)$

First Quantum Minerals (TSX:FM) ranked third with a 75.58% increase. First Quantum Minerals (TSX:FM), with a market capitalization of $10.34 billion, specializes in the exploration, development, and production of mineral properties. The company focuses on commodities including copper, nickel, pyrite, gold, silver, and zinc ores.

In Q3 of 2024, First Quantum produced 116,000 tons of copper, a 13% increase from Q2, which contributed to a reduction in C1 cash costs to $1.57 per pound, a key measure of direct production expenses. This robust performance led the company to raise its 2024 copper production guidance to between 400,000 and 420,000 tons. Despite lower copper prices, First Quantum achieved a 4% increase in revenue and a 55% rise in EBITDA, year over year in Q3.

$Kinross Gold Corp (K.CA)$

Kinross Gold Corp, based in Canada, is a gold production company with mining operations in the United States, Brazil, Chile, Mauritania, and Canada.

In the third quarter of 2024, the company reported a 30% year over year revenue increase, reaching $1.43 billion, fueled by a 28% rise in the average realized gold price to $2,477 per ounce. Earnings per share doubled from $0.12 to $0.24 compared to the same quarter last year. These results underscore the company's ability to leverage favorable gold prices while maintaining efficient operations.

Over the past five years, Kinross stock has shown remarkable resilience, delivering a total return of 161%. This substantial growth has surpassed many of its industry peers, reinforcing its reputation as a dependable performer in the mining sector.

$Fairfax Financial Holdings Ltd (FFH.CA)$

Fairfax is a financial holding company engaged in property and casualty insurance, reinsurance, and investments, with operations in Canada, the United States, and various international markets. The company also owns several non-financial businesses, mainly within the restaurant sector.

The company's shares have risen by 66.51% over the past year, yet the stock remains reasonably priced, trading at 1.37 times its book value and nine times its forward 12-month earnings estimates.

$Agnico Eagle Mines Ltd (AEM.CA)$

Agnico Eagle Mines is a gold mining company with operations in Canada, Mexico, and Finland. Additionally, it holds a 50% ownership stake in the Canadian Malartic mine. In 2020, the company produced over 1.7 million ounces of gold. Agnico Eagle is committed to boosting gold production in lower-risk regions.

The company's stock price has risen 59.77% over the past year. Agnico Eagle Mines reported revenue of $7.819 billion for the twelve months ending September 30, 2024, marking a 25% increase compared to the previous year.

$Gildan Activewear Inc (GIL.CA)$

Gildan is one of the world's leading manufacturers of apparel, socks and legwear. With over three decades of experience, the company has built a large-scale manufacturing base and developed a specialized skill set.

Gildan reported an adjusted EPS of $0.85 for the third quarter, exceeding the consensus estimate of $0.84 and improving from last year's $0.74. According to National Bank analyst Vishal Shreedhar, Gildan is in a strong position to boost its EPS in 2024 and beyond thanks to revenue growth, cost reductions, and continuous share buybacks.

$Manulife Financial Corp (MFC.CA)$

Manulife Financial Corp is a multinational insurance company and financial services provider based in Canada. It provides a wide range of financial products and services, including life insurance, health insurance, wealth and asset management, and retirement solutions. Manulife operates primarily in Canada, the United States (under the brand name John Hancock), and various countries in Asia.

Manulife’s third-quarter 2024 financial report showed that the company has achieved growth in multiple business segments. Manulife's third-quarter 2024 financial report shows growth across multiple business segments, with the most notable increase in the Canadian segment. Net income attributable to shareholders for the first three quarters of 2024 totaled 782 million CAD, representing a 77.33% increase compared to 441 million CAD for the same period in 2023.

$Shopify Inc (SHOP.CA)$

Shopify Inc. is headquartered in Ottawa, Canada, and is committed to creating a fast e-commerce channel. As Canada's leading tech stock, Shopify outperformed the index in 2024, with its shares rising by over 50%. According to Oppenheimer, Shopify's impressive performance during the Black Friday/Cyber Monday period drove its gross merchandise volume past the $92.2 billion consensus estimate.

Shopify CFO Jeff Hoffmeister said: "Shopify achieved 26% revenue growth and 19% free cash flow margin this quarter, marking our sixth consecutive quarter of revenue growth exceeding 25% (excluding logistics). These results highlight the resilience of our business, our various growth opportunities, and our ongoing commitment to balancing future growth investments with operational leverage."

$Loblaw Companies Ltd (L.CA)$

Loblaw Companies Limited is a Canadian retail company that includes corporate and franchise supermarkets operating under 22 different regional and market-specific banners, such as Loblaws, as well as pharmacies, banking services, and apparel.

In the third quarter of 2024, Loblaw Companies (TSE:L) reported key financial results, with revenue reaching CA$18.5 billion, a 1.5% increase from the same quarter in 2023. The net income rose by 25% to CA$777.0 million, and the profit margin improved to 4.2% from 3.4% in the previous year. Additionally, earnings per share (EPS) increased to CA$2.53 from CA$1.97 in the third quarter of 2023.

How to buy US or Canadian stocks in Canada?

Following the below steps, you can easily buy US or Canadian stocks in Canada!

Step 1. Choose a brokerage

To begin, choose an online brokerage that offers trading in both U.S. and Canadian stocks. In Canada, popular choices include moomoo, Questrade, TD Direct Investing, and RBC Direct Investing. These platforms are user-friendly and equipped with various tools to support informed decision-making.

Step 2. Open an account

After selecting a brokerage, you'll need to open an account. This typically involves filling out an online application and providing personal information such as your name, address, social insurance number, and other necessary details.

Step 3. Fund your account

After your account is opened, the next step is to fund it by transferring money from your bank account to your brokerage account. Most brokerages provide electronic funds transfers (EFT) for quick and convenient transactions.

Step 4. Start your investment

Once you’ve done your research and decided which stocks to buy, it’s time to place an order. After you buying the stock, keep track of its performance and stay informed about any news or developments concerning the company.