But some Canadian mid- and large-capitalization stocks had a spectacular first three months of the year—especially in the energy sector. Tenaz Energy Corp. led the pack with a 159% gain, followed closely by HydroGraph Clean Power at 140%.
Calgary-based Tenaz experienced a turnaround in profitability and 257% production growth in 2025 largely due to its successful acquisition and integration of natural gas properties in the Dutch North Sea. It also produces oil and gas in central Alberta. Vancouver-based HydroGraph is a pre-commercial refiner and manufacturer of graphene and other nanomaterials using a proprietary process. Its stock has soared since January on the strength of regulatory approvals in the U.S., pushing it into the mid-cap space.
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Spartan Delta Corp. of Calgary, an oil producer focused on Alberta, came in a more distant third with a still impressive 80% rise in its stock value. Seven of the top 10 performers were in the energy sector—nine if you include HydroGraph and 5N Plus of Saint-Laurent, Que., both of which have major market potential in energy storage. They featured integrated oil producers Cenovus Energy and Imperial Oil. In all, 16 large- and mid-cap stocks rose more than 50% in value in Q1, their ranks including the blue chips Suncor Energy Inc. and Canadian Natural Resources Ltd.
Directly or indirectly, all of these companies benefited from the disruption of oil and gas shipments through the Strait of Hormuz off Iran and resulting commodity price increases.
Another Q1 winner was Vancouver-based chemical company Methanex Corp., which produces the fuel additive methanol. It rose nearly 60% in the first quarter despite falling 4.8% on the last day of the period. That illustrates how successful investors in this environment must have the stomach to withstand volatility.
Here are the Canadian stocks with a market capitalization of $2 billion or more that performed best during Q1 2026:
There was no overlap between this quarter’s top 10 and the leaders from the previous quarter. This demonstrates that, though momentum is a demonstrated factor in equities investment, past performance is not a predictor of future returns.
