Guelph-based company named 'top performer' by Toronto Stock Exchange
A sign board displays the TSX record first close over 20,000 points in Toronto, Friday, June 4, 2021. THE CANADIAN PRESS/Frank Gunn
A newly released list of the Toronto Stock Exchange's top performers is dominated by companies poised to benefit from the global energy transition.
The TSX30, an annual list that ranks the top-performing stocks on Canada's main stock exchange over a three-year period based on dividend-adjusted share price performance, has named Hammond Power Solutions Inc. (TSX: HPS.A) as its top performer for 2024.
The Guelph-based company, which specializes in manufacturing custom transformers for alternative energy systems such as wind power, saw its dividend-adjusted share price skyrocket by 928 per cent over the past three years.
Adrian Thomas, CEO of Hammond Power Solutions, expressed pride in the company's achievement, stating in a media release: "Being named the top company in the 2024 TSX30 underscores the commitment from our employees and customers as we drive progress to further electrify the global energy system. As jurisdictions globally recognize the need to utilize electricity as a primary source of power, we are making significant investments in our business to meet customers' future demands and are proud to play a role in decarbonizing energy systems.”
In second place on the list is Toronto-based Celestica, a company that offers solutions for grid stability and electric vehicle infrastructure. Celestica's stock surged by 706 per cent over the same period.
Mining stocks also featured prominently on this year's TSX30, particularly those focused on critical minerals essential for electric vehicle (EV) and battery manufacturing.
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