A bull run that began in April 2025 quashed market analysts’ forecasts. They predicted the TSX would hit the 30,000-mark by year-end. Canadian stocks achieved the feat earlier, on September 30. Nearly all primary sectors have positive returns as of mid-November.
The TSX will likely outperform again in 2026. If I may suggest, invest ahead in three potential big winners in 2025 and beyond. A mortgage lender, a gold miner, and an oil exploration firm should be on investors’ buy lists.
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Improved mortgage activity
Two consecutive rate cuts by the Bank of Canada, in September and October 2025, boosted mortgage lending activity. Dominion Lending Centres (TSX:DLCG) is one beneficiary, and its stock has shown staying power over the last 12 months (+74.7%).
The $771.7 million mortgage brokerage firm reported solid profit growth in the third quarter and the first nine months of the year. In the three and nine months ending September 30, 2025, net income rose 70% and 91% year-over-year, respectively, to $8.9 million and $22.9 million.
Notably, the funded mortgage volume grew 19% to $23.5 billion compared to Q3 2024. According to Gary Mauris, Chairman and CEO of the DLC Group, it was another strong quarter. He notes the improved activity levels and strength in the renewal market.
Mauris assures that Dominion Lending will capitalize on the trends. “As always, our focus remains on generating strong profitability, maintaining the strength of our balance sheet, and generating strong shareholder value,” he added. At $10 per share, the financial stock also pays a modest 1.6% dividend.
Multiple quarterly records
Wesdome Gold Mines (TSX:WDO) raised buy signals after reporting impressive quarterly results. The $3.1 billion company is a gold and silver miner. Its President and CEO, Anthea Bath, said, “In the third quarter, we achieved multiple operating and financial records, significant margin expansion, and a 34% free cash flow (FCF) margin.”
In Q3 2025, net income climbed nearly 123% to $87 million compared to Q3 2024. The net cash from operating activities ($118.2 million), FCF ($78.9 million), and liquidity position of $615 million were all new records. WDO trades at $20.60 per share, up 59.6% year-to-date.
Wesdome is back on investors’ radars in 2025. The mining stock was a TSX30 winner in 2019 (rank 19th) and 2020 (rank 7th). Bath further said that the company is well-positioned to deliver one of the strongest FCF yields in the gold sector.
Income and growth
Peyto Exploration & Development (TSX:PEY) is an ideal choice if you’re investing for both income and growth. At $21.71 per share, current investors are enjoying a 34.6% year-to-date gain on top of the lucrative 6.1% dividend yield. This $4.4 billion energy company pays monthly dividends.
In Q3 2025, earnings increased 77.8% year-over-year to $90.7 million. Also, the operating and profit margins of 72% and 29%, respectively, indicate strong operational efficiency. For 2026, Peyto will implement a low-risk development program on a capital budget of $450–$500 million.
New Tailwind
Dominion Lending Centres, Wesdome Gold Mines, and Peyto Exploration displayed stability for most of the year amid tariff headwinds. There will be challenges in 2026, although the government’s new Budget plan could supercharge the stocks further.
