The Morningstar Canada Large-Mid Cap Index rose 1.4% in August amid a rally in the real estate sector. The large-mid index tracks the performance of the top 90% of the Canadian investable universe by market cap, and each month 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 August 2024
• Shopify SHOP
• Lundin Gold LUG
• iA Financial Group IAG
• GFL Environmental GFL
• Quebecor QBR.B
Worst-Performing Stocks of August 2024
• Curaleaf CURA
• Algonquin Power & Utilities AQN
• Pan American Silver PAAS
• Kinaxis KXS
• ATS Automation Tooling Systems ATS
Metrics for the Best-Performing Stocks
Shopify SHOP
• Sector: Technology
• Industry: Software – Application
• Economic Moat: Wide
Shopify rose 18.0% in August, lifting shares 11.0% over the past year. Shares are 19.0% below their last high on Feb. 12, 2024. The company’s stock has a Morningstar Rating of 3 stars and is trading at a 9% discount to its fair value estimate of C$110.00.
Lundin Gold LUG
• Sector: Basic Materials
• Industry: Gold
• Economic Moat: Not Rated
Lundin Gold jumped 13.3%, bringing the stock up 72.5% over the past year. The company’s stock has a quantitative Morningstar Rating of 2 stars.
iA Financial Group IAG
• Sector: Financial Services
• Industry: Insurance – Diversified
• Economic Moat: Not Rated
iA Financial Group climbed 11.8%, bringing the stock up 26.6% over the past year. The company’s stock has a quantitative Morningstar Rating of 3 stars.
GFL Environmental GFL
• Sector: Industrials
• Industry: Waste Management
• Economic Moat: Not Rated
GFL Environmental rose 11.6%, leaving the stock up 33.9% for the year. The company’s stock has a quantitative Morningstar Rating of 3 stars.
Quebecor QBR.B
• Sector: Communication Services
• Industry: Telecom Services
• Economic Moat: Narrow
Quebecor surged 10.8%, lifting shares 12.9% from one year ago. The company’s stock has a Morningstar Rating of 4 stars and is trading at a 16% discount to its fair value estimate of C$40.00.
Metrics for the Worst-Performing Stocks
Curaleaf CURA
• Sector: Healthcare
• Industry: Drug Manufacturers – Specialty & Generic
• Economic Moat: None
Curaleaf fell 28.6% in August, leaving the stock down 21.8% for the year. Shares are 55.2% below their last high on April 30, 2024. The company’s stock has a Morningstar Rating of 5 stars and is trading at a 78% discount its fair value estimate of C$17.50.
Algonquin Power & Utilities AQN
• Sector: Utilities
• Industry: Utilities – Renewable
• Economic Moat: Not Rated
Algonquin Power & Utilities slid 15.2% and declined 23.3% over the past year. Shares are 29.8% below their last high on Sept. 1, 2023. The company’s stock has a quantitative Morningstar Rating of 4 stars.
Pan American Silver PAAS
• Sector: Basic Materials
• Industry: Gold
• Economic Moat: Not Rated
Pan American Silver fell 13.8%, but was still up 24.8% over the past year. Shares are 18.0% below their last high on July 16, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.
Kinaxis KXS
• Sector: Technology
• Industry: Software – Application
• Economic Moat: Not Rated
Kinaxis fell 13.3%, leaving the stock down 11.6% for the year. Shares are 14.8% below their last high on July 31, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.
ATS Automation Tooling Systems ATS
• Sector: Industrials
• Industry: Specialty Industrial Machinery
• Economic Moat: Not Rated
ATS Automation Tooling Systems fell 12.8%, having fallen 40.3% from one year ago. Shares are 41.2% below their last high on Sept. 5, 2023. 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.
This article was generated with the help of automation and reviewed by Morningstar editors.
