Best- and Worst-Performing Stocks of Q2 2024

Dollarama Inc and First Quantum Minerals Ltd rank among the best stocks for the quarter, while the worst include Shopify and BMO Financial Group.

Bella Albrecht 2 July, 2024 | 9:04AM
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The Morningstar Canada Large-Mid Cap Index fell 0.6% in the second quarter amid struggles in the healthcare 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 Second Quarter 2024

  • Bombardier BBD.B
  • Kinross Gold K
  • Pan American Silver PAAS
  • First Quantum Minerals Ltd FM
  • Dollarama Inc DOL

Worst-Performing Stocks of the Second Quarter 2024

  • Magna International MG
  • OpenText OTEX
  • Bausch + Lomb BLCO
  • Shopify SHOP
  • BMO Financial Group BMO

Metrics for the Best-Performing Stocks

Bombardier BBD.B

  • Sector: Industrials
  • Industry: Aerospace & Defense
  • Economic Moat: Narrow

Bombardier rose 50.9% in the second quarter, rising 34.3% from one year ago.  The company's stock has a Morningstar Rating of 3 stars and is trading at a 5% discount to its fair value estimate of C$92.00.

Kinross Gold K

  • Sector: Basic Materials
  • Industry: Gold
  • Economic Moat: None

Kinross Gold climbed 37.6%, bringing the stock up 84.0% over the past year.  The company's stock has a Morningstar Rating of 2 stars and is trading at a 42% premium to its fair value estimate of C$8.00.

Pan American Silver PAAS

  • Sector: Basic Materials
  • Industry: Gold
  • Economic Moat: Not Rated

Pan American Silver rallied 33.8%, bringing the stock up 44.6% over the past year. Shares are 12.4% below their last high on May 28, 2024. The company's stock has a quantitative Morningstar Rating of 3 stars.

First Quantum Minerals Ltd FM

  • Sector: Basic Materials
  • Industry: Copper
  • Economic Moat: Not Rated

First Quantum Minerals Ltd advanced 23.4%, but was still down 42.5% for the year. Shares are 54.1% below their last high on July 31, 2023. The company's stock has a quantitative Morningstar Rating of 3 stars.

Dollarama Inc DOL

  • Sector: Consumer Defensive
  • Industry: Discount Stores
  • Economic Moat: Not Rated

Dollarama Inc jumped 21.1%, leaving the stock up 39.7% for the year.  The company's stock has a quantitative Morningstar Rating of 2 stars.

 Metrics for the Worst-Performing Stocks

Magna International MG

  • Sector: Consumer Cyclical
  • Industry: Auto Parts
  • Economic Moat: None

Magna International fell 21.5% in the second quarter and declined 20.6% over the past year. Shares are 34.1% below their last high on Aug. 4, 2023. The company's stock has a Morningstar Rating of 4 stars and is trading at a 41% discount its fair value estimate of C$97.00.

OpenText OTEX

  • Sector: Technology
  • Industry: Software - Application
  • Economic Moat: Not Rated

OpenText slid 21.2%, having fallen 23.4% from one year ago. Shares are 31.5% below their last high on Feb. 2, 2024. The company's stock has a quantitative Morningstar Rating of 3 stars.

Bausch + Lomb BLCO

  • Sector: Healthcare
  • Industry: Medical Instruments & Supplies
  • Economic Moat: Narrow

Bausch + Lomb slid 15.5% and declined 25.3% over the past year. Shares are 31.6% below their last high on June 30, 2023. The company's stock has a Morningstar Rating of 4 stars and is trading at a 24% discount to its fair value estimate of C$26.00.

Shopify SHOP

  • Sector: Technology
  • Industry: Software - Application
  • Economic Moat: Wide

Shopify fell 14.4%, shares were still up 2.2% for the year. Shares are 27.9% below their last high on Feb. 12, 2024. The company's stock has a Morningstar Rating of 3 stars and is trading at an 8% discount to its fair value estimate of USD 72.00.

BMO Financial Group BMO

  • Sector: Financial Services
  • Industry: Banks - Diversified
  • Economic Moat: Narrow

BMO Financial Group slid 12.1%, but shares are flat from one year ago, having risen only 0.9%. Shares are 14.3% below their last high on April 9, 2024. The company's stock has a Morningstar Rating of 4 stars and is trading at a 14% discount to its fair value estimate of C$133.00.

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.

This article was generated with the help of automation and reviewed by Morningstar editors.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Bombardier Inc Registered Shs -B- Subord Vtg95.82 CAD0.78Rating
Kinross Gold Corp12.13 CAD-0.74Rating
Magna International Inc59.97 CAD-3.46Rating
Open Text Corp42.47 CAD0.40
Pan American Silver Corp30.95 CAD-1.59

About Author

Bella Albrecht  is an associate data journalist at Morningstar Inc. 

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