The Morningstar Canada Large-Mid Cap Index rose 7.42% in the second quarter amid a rally in the financial services sector. The index tracks the top 90% of the Canadian investable universe by market cap, and each quarter, we screen it for the best- and worst-performing companies. Data in this article is sourced from Morningstar Direct.
The Best-Performing Stocks of Q2 2026
The Worst-Performing Stocks of Q2 2026
Metrics for the Best-Performing Stocks
Great-West Lifeco
- Sector: Financial Services
- Industry: Insurance - Life
- Economic Moat: None
Great-West surged 39.88% in the quarter, leaving the stock up 81.56% for the past year. The stock has a Morningstar Rating of 1 star, trading at a 77% premium to its fair value estimate of C$51 per share.
Aritzia
- Sector: Consumer Cyclical
- Industry: Apparel Retail
- Economic Moat: Not Rated
Aritzia climbed 37.76% in the quarter, leaving shares up 121.67% for the past year. Aritzia has a quantitative Morningstar Rating of 2 stars.
Air Canada
- Sector: Industrials
- Industry: Airlines
- Economic Moat: None
Air Canada surged 36.53% in the quarter, leaving it up 17.42% for the past year. The stock has a Morningstar Rating of 2 stars, trading at a 34% premium to its fair value estimate of C$18.40 per share.
TFI International
- Sector: Industrials
- Industry: Trucking
- Economic Moat: Not Rated
TFI soared 35.26% in the quarter, leaving it up 69.89% for the past year. The stock has a quantitative Morningstar Rating of 2 stars.
BMO Financial Group
- Sector: Financial Services
- Industry: Banks - Diversified
- Economic Moat: Narrow
BMO climbed 34.13% in the quarter, leaving shares up 72.38% for the past year. BMO has a Morningstar Rating of 2 stars, trading at a 27% premium to its fair value estimate of C$197 per share.
Metrics for the Worst-Performing Stocks
Equinox Gold
- Sector: Basic Materials
- Industry: Gold
- Economic Moat: Not Rated
Equinox sank 31.13% in the quarter, but shares were still up 76.21% for the past year. Shares were 46.58% lower than their last high on Feb. 24, 2026. The stock has a quantitative Morningstar Rating of 3 stars.
Alamos Gold
- Sector: Basic Materials
- Industry: Gold
- Economic Moat: Not Rated
Alamos plunged 30.44% in the quarter, while shares were still up 19.13% for the past year. Shares were 43.26% below their last high on March 2, 2026. The stock has a quantitative Morningstar Rating of 2 stars.
Lundin Gold
- Sector: Basic Materials
- Industry: Gold
- Economic Moat: Not Rated
Lundin dropped 24.78% in the second quarter, but shares were still up 15.22% for the past year. Shares were 38.52% lower than their last high on March 2, 2026. The stock has a quantitative Morningstar Rating of 1 star.
Agnico Eagle Mines
- Sector: Basic Materials
- Industry: Gold
- Economic Moat: None
Agnico Eagle tumbled 21.76% in the second quarter, but shares still grew 37.10% over the past year. Shares were 36.85% below their last high on March 2, 2026. Agnico Eagle has a Morningstar Rating of 1 star, trading at a 70% premium to its fair value estimate of C$130 per share.
Kinross Gold
- Sector: Basic Materials
- Industry: Gold
- Economic Moat: None
Kinross dropped 20.93% in the quarter, but shares were still up 58.66% for the past year. Shares were 37.32% lower than their last high on Jan. 26, 2026. The stock has a Morningstar Rating of 1 star and trades at a 140% premium to the fair value estimate of C$14 per share.
Companies not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.
