The Morningstar Canada Large-Mid Cap Index rose 1.7% in the first quarter amid a rally in the basic materials sector. The large-mid index tracks the performance of the top 90% of the Canadian investable universe by market cap, and each quarter we screen from among the stocks in this index to find the best- and worst-performing companies. Data in this article is sourced from Morningstar Direct.

Best-Performing Stocks of the First Quarter 2025

• Lundin Gold LUG

• Alamos Gold AGI

• Agnico Eagle Mines AEM

• Wheaton Precious Metals WPM

• Kinross Gold K

Worst-Performing Stocks of the First Quarter 2025

• TFI International TFII

• Air Canada AC

• NexGen Energy NXE

• Ivanhoe Mines IVN

• Capital Power CPX

Best-Performing Canadian Stocks

Source: Morningstar Direct. Data as of March 31, 2025.

Metrics for the Best-Performing Stocks

Lundin Gold LUG

• Sector: Basic Materials

• Industry: Gold

• Economic Moat: Not Rated

Lundin Gold surged 46.8% in the first quarter, rising 142.4% from one year ago. The company’s stock has a quantitative Morningstar Rating of 2 stars.

Alamos Gold AGI

• Sector: Basic Materials

• Industry: Gold

• Economic Moat: Not Rated

Alamos Gold advanced 45.1%, bringing the stock up 93.5% over the past year. The company’s stock has a quantitative Morningstar Rating of 1 star.

Agnico Eagle Mines AEM

• Sector: Basic Materials

• Industry: Gold

• Economic Moat: None

Agnico Eagle Mines rose 39.2%, lifting shares 96.9% over the past year. The company’s stock has a Morningstar Rating of 1 star and is trading at a 92% premium to its fair value estimate of C$81.00.

Wheaton Precious Metals WPM

• Sector: Basic Materials

• Industry: Gold

• Economic Moat: Not Rated

Wheaton Precious Metals rose 38.0%, having risen 76.9% from one year ago. The company’s stock has a quantitative Morningstar Rating of 2 stars.

Kinross Gold K

• Sector: Basic Materials

• Industry: Gold

• Economic Moat: None

Kinross Gold climbed 36.2%, having risen 120.9% from one year ago. The company’s stock has a Morningstar Rating of 1 star and is trading at a 99% premium to its fair value estimate of C$9.10.

Worst-Performing Canadian Stocks

Source: Morningstar Direct. Data as of March 31, 2025.

Metrics for the Worst-Performing Stocks

TFI International TFII

• Sector: Industrials

• Industry: Trucking

• Economic Moat: Not Rated

TFI International fell 42.3% in the first quarter, having fallen 47.6% from one year ago. Shares are 49.6% below their last high on April 10, 2024. The company’s stock has a quantitative Morningstar Rating of 5 stars.

Air Canada AC

• Sector: Industrials

• Industry: Airlines

• Economic Moat: None

Air Canada plunged 36.3% and declined 27.7% over the past year. Shares are 45.9% below their last high on Dec. 10, 2024. The company’s stock has a Morningstar Rating of 3 stars and is trading at an 18% discount to its fair value estimate of C$17.20.

NexGen Energy NXE

• Sector: Energy

• Industry: Uranium

• Economic Moat: Not Rated

NexGen Energy tumbled 32.0%, having fallen 38.7% from one year ago. Shares are 48.4% below their last high on Nov. 22, 2024. The company’s stock has a quantitative Morningstar Rating of 5 stars.

Ivanhoe Mines IVN

• Sector: Basic Materials

• Industry: Other Industrial Metals & Mining

• Economic Moat: Not Rated

Ivanhoe Mines fell 28.4%, leaving the stock down 24.4% for the year. Shares are 42.7% below their last high on May 21, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Capital Power CPX

• Sector: Utilities

• Industry: Utilities - Independent Power Producers

• Economic Moat: Not Rated

Capital Power slid 23.9%, but shares were still up 31.9% for the year. Shares are 30.4% below their last high on Dec. 6, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Companies that are not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.