Investors drawn to oil and gas, energy transition, TSX top 30 list shows

The 2023 TSX 30 list, released by the exchange on Tuesday, is a ranking of the 30 top-performing stocks over a three-year period, based on dividend-adjusted share price performance.This year's ranking is heavily dominated by the oil and gas sector, which make up 50 per cent of the list. In the number one spot is Calgary-based Paramount Resources Ltd., which saw its share price increase by 1,913 per cent over a three-year period.

"We believe are seen as a source of energy security, with the ongoing energy supply issues that we're seeing globally," said Loui Anastasopoulos, CEO of the Toronto Stock Exchange, in an interview. Seven of the 30 companies on this year's list are in the mining sector, something Anastasopoulos said is due to a surge of investor interest in critical minerals and metals that are expected to play a key role in the energy transition. Metals and minerals such as copper, lithium and zinc are all seeing increased demand due to their use as components in batteries, electric cars and renewable energy infrastructure.

The demand for silver is increasing. But at the end of the day, every metal that is related to this energy transition will do very well because the fundamental demand is there," said Aya CEO Benoit La Salle in an interview.

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