If the TSX keeps breaking records, there are two businesses that could turn today’s market optimism into something far more useful than a prettier account balance. One Canadian company can earn more when investors trade the rally, while another sells private jets into a US$20.3 billion order backlog.
It’s already looking good. The TSX reached another record close above 35,400 in July after gaining 11.2% during the first half of 2026. Financials, technology, industrials, and resource companies all helped push the market higher, creating several ways for investors to participate. But, can it keep it up?
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What keeps a rally moving?
Rising markets tend to attract more trading, financing, and public listings. They can also increase confidence among corporations and wealthy customers, encouraging them to spend on acquisitions, equipment, and premium products.
That momentum can disappear during a stock market correction, so I wouldn’t buy a company simply because its shares have already climbed. I’d look for improving results underneath the rally, which brings TMX Group (TSX: X) and Bombardier (TSX: BBD.B) into focus.
TMX Group
TMX operates the Toronto Stock Exchange, TSX Venture Exchange, Montréal Exchange, clearing systems, market-data businesses, and several international financial platforms. In other words, it owns part of the machinery investors use when enthusiasm sends markets higher.
First-quarter revenue increased 16% to a record $488.2 million, while adjusted diluted earnings per share (EPS) climbed 33%. Equity trading volumes jumped 50%, giving TMX direct evidence that greater market activity can translate into stronger financial results.
That activity continued into June, when the value traded across TMX equity marketplaces reached nearly $479 billion, up roughly 51% from a year earlier. A stronger initial public offering market could add more listing and financing revenue if investor confidence continues building.
The shares recently traded around 26 times earnings and roughly 15% below its 52-week high. That valuation isn’t cheap, yet TMX combines recurring data revenue with a business that can receive another boost whenever trading desks become busier.
Bombardier
That financial-market exposure pairs nicely with Bombardier’s physical order book. The Montreal company now focuses on Challenger and Global business jets, while its service centres earn recurring revenue from maintaining the aircraft already flying around the world.
First-quarter service revenue surged 25% to US$617 million, helping Bombardier stock generate $360 million in free cash flow. That marked its strongest first-quarter performance in nearly two decades and encouraged management to raise full-year free-cash-flow guidance above US$1 billion.
The order backlog reached US$20.3 billion, up US$2.8 billion in only three months. Strong demand for the Global 8000 and fleet orders gives Bombardier stock years of potential deliveries, while defence opportunities could extend the growth runway.
Investors have noticed, pushing the shares close to its 52-week high and around 25 times trailing earnings. The stock, therefore, needs continued execution, but Bombardier’s improving cash generation now gives the rally something substantial to support.
Foolish takeaway
There are points to consider. TMX could face weaker volumes and fewer financings if markets reverse, while Bombardier stock remains exposed to supply-chain delays, tariffs, expensive aircraft programs, and changing demand from wealthy buyers. Buying gradually can reduce the danger of chasing either stock after a strong run.
Yet together, TMX can benefit from the activity surrounding a rising Canadian market, while Bombardier stock brings record cash flow and an enormous backlog. Both belong on a watch list of strong Canadian stocks before another stretch of TSX gains makes today’s entry prices look far more attractive.
