Despite a shaky start in 2025, the TSX has been on a tear in recent weeks. The Canadian market index recently hit all-time highs and showcased a broad-based recovery across key sectors. But behind every index rally are top performers pulling more than their fair share of the weight. These top Canadian stocks are currently leading the TSX with strong earnings, bullish investor sentiment, and sector-defining momentum.
Let’s quickly look at the three biggest gainers that are helping fuel the TSX’s record-breaking rally and what’s driving their outsized success.
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Aritzia stock
Leading this charge with style and strength on the TSX is Aritzia (TSX: ATZ), which has surged over 57% in just the last four weeks, turning plenty of investor heads. The Vancouver-based design house runs over 130 boutiques across North America and also sells online. ATZ stock is now trading at $66.25 per share with a market cap of $7.6 billion.
In its latest quarter ended in February 2025, Aritzia’s revenue jumped 31% YoY (year over year) to $895.1 million due mainly to a 56% sales surge in the U.S. market. Its e-commerce business soared 42% YoY, and overall adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) more than doubled. This growth was mainly driven by better inventory control, fewer markdowns, and smart spending.
With strong U.S. momentum, new flagship stores, and ongoing digital upgrades, Aritzia’s clearly not just riding the TSX rally — it’s helping drive it.
Celestica stock
Right behind Aritzia on the TSX leaderboard is Celestica (TSX: CLS), which has surged over 36% in just the last four weeks. It’s a Toronto-based technology hardware and supply chain solutions provider that works with some of the world’s most innovative companies. CLS stock is currently trading at $158.34 per share with a market cap of $18.3 billion.
In the first quarter of 2025, Celestica posted a 20% YoY jump in its total revenue to US$2.65 billion, beating its guidance due to stronger-than-expected demand, especially in its Connectivity & Cloud Solutions segment. The company also hit its highest-ever adjusted operating margin at 7.1% last quarter with the help of solid execution.
These strong results encouraged Celestica’s management to raise its 2025 outlook. The company now expects US$10.85 billion in annual revenue and US$5 per share in adjusted earnings with the help of continued momentum from cloud and artificial intelligence (AI) infrastructure. These could be the key reasons fueling its breakout rally on the TSX.
Air Canada stock
And rounding out the top three is Air Canada (TSX: AC), which has taken off with a 34% surge over the past four weeks. Air Canada isn’t just Canada’s biggest airline but a global player connecting travellers to over 180 destinations worldwide. AC stock now trades at $18.73 per share with a market cap of $6.0 billion.
Air Canada recently completed a major share buyback program and now plans to cancel up to $500 million more through a substantial issuer bid. With strategic moves like this and a roadmap targeting $30 billion in annual revenue by 2028, this airline isn’t just rebounding; it’s aiming to lead the next leg of the TSX rally.
