2024 Half-Year Recap | The 10 Best Performing Canadian Stocks So Far In 2024

With the market's expectation of a rate cut by the Federal Reserve, a marked uptick in gold acquisition by central banks around the globe, and enduring geopolitical conflicts in the Middle East, gold prices soared in 2024, and silver prices followed suit. Copper's value climbed as well, supported by the dual pressures of forecasted supply deficits and an escalation in demand. The rise in commodity prices in 2024 boosted the trend of the $S&P/TSX Composite Index (.SPTSX.CA)$, with 6 out of the top 10 performing stocks in the Canadian market in the first half of the year rooted in the precious metal and copper mining sectors. Among them, $First Quantum Minerals Ltd (FM.CA)$, $Lundin Mining Corp (LUN.CA)$, and $Ivanhoe Mines Ltd (IVN.CA)$ are primarily involved in copper extraction. Meanwhile, $Kinross Gold Corp (K.CA)$ established itself in the dual gold and silver mining domain. $Pan American Silver Corp (PAAS.CA)$, as a silver-focused mining company, and $Agnico Eagle Mines Ltd (AEM.CA)$, with its concentration on gold, both experience gain on the rising of precious metal prices.

Since the start of the year, $Atkinsrealis Group Inc (ATRL.CA)$ has seen an impressive 35% increase in its stock price. The company has strong foundations in the construction industry and a focus on mining, metallurgy, and the oil sector. The considerable growth in AtkinsRéalis' stock can be primarily attributed to the expansion and success of its nuclear division. As the global energy landscape shifts towards more sustainable options, moving away from traditional fossil fuels, AtkinsRéalis has successfully tapped into the burgeoning nuclear energy market.

Facing rising inflation within Canada, consumers are increasingly opting for budget-friendly discount retailers to manage the escalating costs of daily life. $Dollarama Inc (DOL.CA)$, a leading name in the discount retail space, has mirrored this trend with an impressive stock performance, registering a climb exceeding 30% in the first six months of 2024.

In addition, $Fairfax Financial Holdings Ltd (FFH.CA)$ and $Cameco Corp (CCO.CA)$ Corp have witnessed their stock prices ascend by 24% and 23%, respectively. Fairfax has sustained investor and analyst confidence through solid earnings reports in February and May, coupled with an uptick in underwriting profits and substantial dividends. Meanwhile, Cameco Corp's stock has risen in tandem with increasing uranium prices. The rapid global expansion of nuclear power—driven by the critical demand for an energy transition—promises a yearly surge in uranium demand. Nonetheless, the uranium mining supply is plagued with unpredictability, hampered by reduced investment in exploration and continuous geopolitical tensions.