The industry’s position in Toronto trading means the energy sector’s weighting in the S&P/TSX Composite Index has climbed to 18.2% — second only to banks — from 10.8% at the beginning of 2021.
“It’s an important message to investors not to ignore this sector,” TMX Group’s vice-president of global business development Rob Peterman said in a telephone interview.
Peterman also highlighted battery metal stocks that were featured on the TSX30 list and said that a transition in energy “is going to be one of the things that define the Canadian market.”
Australian-headquartered Allkem Ltd., one of the 10-top performing stocks on the exchange over the last three years, is focused on lithium extraction and processing. The list also includes Global Atomic Corp., up 366% in three years, though shares have dropped 46% year to date.
Energy stocks have also been the top performers in the S&P 500 since September 2020, led by Occidental Petroleum Corp.’s 427% gain. But the US stocks barometer also includes flashy appearances by tech and pharmaceutical firms, like ON Semiconductor, up 348%, and Eli Lilly & Co., up 305%.
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