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The Toronto Stock Exchange (TSX) recently unveiled its annual TSX30 list, which highlights the top 30 performing companies based on dividend-adjusted share price performance over the past three years. This list provides insights into the strongest performers on the exchange and reflects emerging trends within various sectors.
Leading the TSX30 for 2024 is Hammond Power Solutions (OTC:HMDPF), a company focused on electrification through its range of dry-type transformers, power quality products, and related magnetics. Over the three-year period, Hammond Power Solutions saw an impressive 928% increase in its dividend-adjusted share price. This rise demonstrates the company's growth as it supports infrastructure aligned with the shift toward cleaner energy solutions.
Collectively, the companies on the TSX30 represent over $380 billion in market capitalization, contributing an additional $210 billion during the same period. The average dividend-adjusted share price growth for the group was 234%, showcasing the strength of these businesses in the market.
The 2024 list is dominated by companies from three key sectors: oil and gas, industrial products and services, and mining. Energy companies, in particular, make up more than half of the list, reflecting their continued prominence in the Canadian economy. This year's ranking also indicates a broader trend in the market, as companies with positive cash flow and a strong history of dividend payments become more prominent.
TSX CEO Loui Anastasopoulos commented that the performance of these top companies reflects the innovative leadership within Canadian businesses. As Canada transitions toward a cleaner energy future, these firms are at the forefront of driving economic strength while ensuring competitiveness on the global stage.
Nearly two-thirds of the companies on the TSX30 pay dividends, with yields averaging around 2.8%, underlining the preference for businesses that offer consistent returns to shareholders.