Celestica Inc. (CLS) was the best large- or mid-cap stock to own on the Toronto Stock Exchange over the past three months, with a gain of 76.6%, followed by Cameco Corp. (CCO, 67.6%) and Galaxy Digital Inc. (GLXY, 66.4%).
The second quarter of 2025 turned out to be a rebound period for Canadian equities, as the S&P/TSX Composite Index gained 7.3%. From the lows around “Liberation Day” on April 2, when the Trump administration rolled out its tariff program, the benchmark climbed back to set a new all-time high. Analysts have attributed the rally to a combination of relief that the trade wars have been quelled on several fronts and strong corporate profits.
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Celestica leads tech comeback
The technology, materials, and industrial sectors were all represented in the list of top-performing Canadian stocks with market capitalization over $2 billion. Computer hardware maker Celestica bounced back from a six-month low of $94.08 on April 4 to regain its February high and then some. The stock is expected to continue capitalizing on artificial intelligence (AI) spending by technology giants even more than it has already.
Saskatoon-headquartered Cameco, the world’s largest publicly traded uranium miner, benefited from a 23% comeback in the price of the radioactive mineral since mid-March. Galaxy Digital, which is based in New York City, operates a digital asset trading platform as well as data centres. It has performed well under Trump 2.0, especially with the rise of stablecoins, which it issues. Its rise since March has mirrored the recovery of cryptocurrency generally.
Biggest gainers on the TSX in Q2
Here are the rest of the TSX’s top 10 momentum stocks for Q2 2025. (Use your fingers or mouse to scroll to the right.)
| Rank | Company name | Ticker | March 31 close ($) | June 30 close ($) | % gain |
|---|---|---|---|---|---|
| 1 | Celestica Inc. | CLS | 113.52 | 212.76 | 76.6 |
| 2 | Cameco Corp. | CCO | 59.24 | 101.13 | 67.6 |
| 3 | Galaxy Digital Inc. | GLXY | 15.17 | 29.82 | 66.4 |
| 4 | Lundin Gold Inc. | LUG | 44.56 | 71.90 | 56.7 |
| 5 | NFI Group Inc. | NFI | 11.83 | 18.04 | 49.4 |
| 6 | Sprott Inc. | SII | 44.87 | 69.09 | 45.1 |
| 7 | Bombardier Inc. | BBD.A | 81.21 | 118.71 | 43.9 |
| 8 | Skeena Resources | SKE | 10.09 | 15.92 | 43.8 |
| 9 | Air Canada | AC | 14.17 | 21.07 | 43.8 |
| 10 | Finning International | FTT | 40.49 | 58.22 | 43.5 |
As the asset management industry likes to say, past performance is not an indicator of future returns. Although Air Canada stock had an outstanding Q2, it was still down 6.06% over the first half of the year.
But momentum is nonetheless a proven factor in investing. Stocks that have gone up in recent months have historically tended to keep doing so, more often than not. Strategists differ, however, on the optimal holding period for further price growth. Some say just a few months; others, a year or more.
As a strategy, momentum investing can be complemented with other factors such as value, growth or dividend investing—helping ensure investors don’t end up simply buying stocks at their price peak.
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