Shopify, Cargojet Among Canada’s  Big Winners in Year of Slight Index Gain

Canadian equities closed out 2020 with a slight gain, though lagged their peers south of the border.

The S&P/TSX Composite Index advanced 2.2% this year, while the S&P 500 Index rose 16%. Oil & gas stocks were among laggards as lockdowns continued, denting demand.

Shopify, Cargojet Among Canada’s  Big Winners in Year of Slight Index Gain

Here’s a look at some companies that benefited -- and those that have suffered this year.


  • Trillium Therapeutics Inc. (+1,308%): Cancer drug developer surged after data, and has been a hedge fund favorite
  • Ballard Power Systems Inc. (+221%): Clean energy and electric-vehicle exposure has propelled Ballard
  • Shopify Inc. (+178%) and Lightspeed POS Inc. (+149%): Tech platforms surged during Covid-19 lockdowns, and the two have emerged as Canadian tech darlings
  • New Gold Inc. (+143%) and Teranga Gold Corp. (+95%): Gold acted as a haven during the pandemic, while fiscal uncertainty remains
  • Cargojet Inc. (+108%): Cargo shipping has hit peak levels as many retail storefronts remain closed during lockdowns
  • Canfor Corp. (+89%): Lockdowns boosted lumber futures on home renovations


  • Suncor Energy Inc. (-50%), Inter Pipeline Ltd. (-47%), Cenovus Energy Inc. (-41%): Energy stocks lagged as oil briefly turned negative in the early stages of lockdowns along with a Saudi-Russia price war
  • Air Canada (-53%): Travel bans crushed global flying
  • Cominar Real Estate Investment Trust (-43%): Quebec REIT looking at strategic alternatives given office and retail exposure

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.