The Canadian Stocks That Outperformed the Market in 2024

If you want Canadian stocks that already show strength, then these two belong on your watch list.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published March 25, 2025 5:00 pm EDT

The Canadian stock market saw some impressive performances in 2024, with certain Canadian stocks managing to outperform expectations despite economic uncertainty. While some stocks struggled, others surged ahead, proving that strategic growth and strong fundamentals can lead to success.

Among the standout performers were Celestica (TSX:CLS) and Lundin Gold (TSX:LUG), two Canadian stocks that capitalized on market trends and delivered exceptional financial results. The success stories provide valuable insights into how businesses can navigate challenges and drive shareholder value. So let’s take a look.

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Celestica

Celestica made significant strides in the technology sector in 2024. With demand rising for data centre services, artificial intelligence (AI) applications, and enterprise solutions, the Canadian stock was well-positioned to benefit from these trends.

Celestica reported revenue of $2.6 billion in the fourth quarter, an increase of 19% from the same period in 2023. For the full year, revenue came in at $10.7 billion, surpassing expectations. The company’s adjusted earnings per share reached $1.11, a 44% increase year over year. These strong numbers were the result of Celestica’s efforts to expand its service offerings and diversify its business. By focusing on industries such as aerospace, defence, and healthcare, it found new growth avenues and strengthened its position in the global technology market.

The company’s ability to adapt to changing customer needs and optimize its supply chain was another factor in its success. With businesses worldwide looking to streamline operations and secure reliable technology partners, Celestica became a key player in meeting this demand. The stock’s rise reflected not just strong financials but also growing confidence in Celestica’s long-term strategy.

Lundin Gold

Lundin Gold also had a standout year, driven by the strong performance of its Fruta del Norte gold mine in Ecuador. The Canadian stock produced 502,029 ounces of gold in 2024, exceeding its guidance and setting a new record. Revenue for the year reached US$1.2 billion, a 32% increase from the previous year.

Despite this strong operational performance, net earnings came in slightly below analyst expectations, which led to some fluctuations in its stock price. However, Lundin Gold’s long-term prospects remain strong, supported by high gold prices and efficient mine operations.

Considerations

The broader market environment also played a role in the success of both Celestica and Lundin Gold. The global economy experienced a rebound, leading to higher demand for technology and commodities. This created favourable conditions for both Canadian stocks, allowing each to capitalize on emerging opportunities. Investor sentiment was another driving force. As Celestica and Lundin Gold continued to report strong financials, confidence in their future growth increased. This led to higher demand for their shares, pushing stock prices even higher.

Looking ahead, both companies appear well-positioned for continued success. Celestica should benefit from ongoing demand for AI-driven technology solutions. Meanwhile, Lundin Gold remains a strong player in the mining sector. Investors seeking exposure to these industries may find these stocks attractive given their proven ability to generate growth.

The performance of these companies in 2024 highlights the importance of strategic focus and operational execution. While external factors such as economic conditions and investor sentiment can influence stock prices, businesses that can adapt, innovate, and execute their strategies effectively tend to outperform the market over the long term. Celestica and Lundin Gold provide a clear example of this, showing how strong fundamentals and strategic positioning can lead to impressive returns.

Bottom line

For investors looking at the Canadian market, the success of these Canadian stocks serves as a reminder that well-managed businesses can thrive even in uncertain times. While stock market trends will always fluctuate, companies with a clear vision and strong execution remain attractive investment opportunities. As we move into 2025, it will be interesting to see how Celestica and Lundin Gold build on their success and what new opportunities they may pursue in an evolving market landscape.