Five large-cap stocks on the Toronto Stock Exchange have outpaced the broader market significantly to start 2026, with each gaining at least 20% while the index remains up roughly 5%. These top performers represent various sectors, including precious metals, uranium, and oil and gas, reflecting a strong investor preference for commodities and energy. While some of these companies offer stable dividends and value, others trade at high multiples, suggesting a mix of speculative interest and safe-haven buying.
GoldMining Inc
GoldMining Inc (TSX:GOLD) has seen its stock climb just over 22% so far this year. As gold prices have been soaring lately, investors have become increasingly bullish on the company’s goal to advance and acquire gold projects throughout the Americas. This trend has allowed many companies involved with the shiny metal to see significant gains in the current market environment.
However, investors should be aware that this company does not currently make any money and continues to incur losses while burning through cash. It remains a highly speculative play and is still down more than 30% from its 52-week high of $3.10. Because of these factors, it is a stock that requires careful consideration despite its recent momentum.
Agnico Eagle Mines
Agnico Eagle Mines (TSX:AEM) is Canada’s largest mining company and one of the world’s most significant gold producers. The stock is up around 23% this year, which makes sense given the sharp increase in global gold prices. It has generated billions in profit and is often considered the premier gold stock for those looking to benefit from a rising commodities market.
The stock is currently trading at 31 times its trailing profits as it prepares to post its latest earnings. If gold prices continue to rise, this stock could emerge as a big winner for shareholders. It offers a more stable alternative for gold exposure compared to smaller, less profitable miners in the sector.
Cenovus Energy
Cenovus Energy (TSX:CVE) has delivered year-to-date returns of just under 24%, placing it slightly ahead of the major gold miners. The company recently closed its acquisition of MEG Energy, a strategic move that makes it a much larger player in the oil and gas industry. This expansion positions the business for potentially better growth and higher profits down the road.
While oil prices have generally declined over the past year, geopolitical tensions in the Middle East could quickly send prices higher. Cenovus is a solid value buy, trading at 17 times earnings, and it pays a decent dividend with a yield of 2.8%. It has historically been a go-to play for investors seeking stability during times of market uncertainty.
Cameco
Cameco (TSX:CCO) is one of the largest uranium producers in the world and has seen its stock rise 27% this year. The boom in data centers and AI technology has created a growing need for nuclear power, which requires a steady supply of uranium. As the world searches for low-emission energy sources, demand for nuclear power and uranium producers has been booming.
The stock’s valuation has skyrocketed, now trading at more than 130 times trailing earnings and nearly 80 times expected future earnings. While Cameco is a profitable business, its incredibly high valuation makes it a speculative stock that could be vulnerable to a sell-off. Investors should be cautious given how much enthusiasm is already priced into the shares.
Imperial Oil
Imperial Oil (TSX:IMO) is the top performer on this list, up an impressive 31% to start 2026. This iconic energy company, which is majority-owned by Exxon Mobil, has become a safe-haven type of investment for those worried about market volatility. Earlier this year, the company raised its dividend by 21%, marking 31 straight years of payout increases.
The business is currently focused on becoming leaner and more efficient to increase future cash flow and margins. At 24 times earnings, it is not a terribly expensive stock and offers a decent dividend yield of 2.3%. Given its long track record of rewarding shareholders, it remains a reliable option for those looking for long-term growth and income.