It might seem unlikely, but there are actually Canadian stocks on the TSX today that are up by a significant amount in 2023 alone. Yet while these stocks exist, I wouldn’t just jump on the bandwagon of the one rising the highest.
Today, I’m instead going to look at three Canadian stock currently up over 20% in 2023. While they aren’t the highest, they provide investors with room to grow. Further, these are some of the most stable options on the TSX today among growth stocks.
Shopify stock: 61%
Let’s get the most obvious out of the way first. Shopify (TSX:SHOP) stock is up 61.5% in 2023 alone as of writing, as well as 89% in the last year. There was also a huge jump recently as the company reported better than expected earnings coupled with some major news.
Shopify stock announced that it would go through another round of layoffs, mainly among management. This would create $230 million in savings. Furthermore, Shopify stock announced the sale of its logistics business to Flexport for a 13% stake in the company.
The news sent shares up about 35% practically overnight. The stock is now considered overvalued, yet with the focus back on its e-commerce business, analysts were on board with the change. There are likely to be more reports coming in pumping the price target, leading to even more growth — especially for long-term investors.
Fairfax Financial: 20%
Another winner in 2023 has been Fairfax Financial Holdings (TSX:FFH), with shares up 20.5% in 2023 alone. It’s seen its shares rise 44.53% in the last year alone. And this mainly comes down to the company’s strength as an asset manager and investor and being in the property and casualty insurance market.
The stock has long been seen as a steady grower, with very few dips in the market, with the stock rebounding fast. Yet there was a surge in ownership over the last year, as investors and institutions alike went to something stable like Fairfax stock.
It continues to offer value on the TSX today with shares trading at 10.15 times earnings as of writing, along with a 1.38% dividend yield. It remains quite solid as well, with first-quarter earnings more than doubling recently. Fairfax stock therefore remains a top recommendation by analysts, even as shares rise higher.
Brookfield Renewable Partners: 20%
While we tend to say what goes up must come down, for Brookfield Renewable Partners (TSX:BEP.UN) it’s been what goes down must come up. Shares peaked and dropped after President Joe Biden came to office, promising a renewable overhaul. Yet right after, shares went on to drop.
However, over the last six months, it looks like investors are willing to get back on board — especially as Brookfield stock continues to make deals and figure out rising interest rates and inflation. Overall, it remains a strong purchase for investors wanting a long-term investment in the shift to renewable energy.
Brookfield stock now offers a 4.31% dividend yield as of writing, coming after strong first-quarter earnings. So, there is certainly a reason to pick up this stock up 20% and continue to hold it, as it rises to former 52-week highs.
