Hot stocks: Canada’s top performers in Q2 2026

The S&P/TSX Composite Index ended the second quarter roughly flat after the Bank of Canada held its policy rate at 5.25% in June and offered no signal of near-term cuts. Within that macro stall, stock-specific stories produced double-digit gains for several names.

BlackBerry shares rose 68% over the three months, the biggest move among Canadian large-caps. The company reported 22% year-over-year revenue growth in its AI and security segments for the fiscal first quarter. Investors re-rated the stock on that pivot toward higher-margin recurring software licensing. The market capitalisation reached C$5.2 billion from C$3.1 billion at the start of April. BlackBerry now develops software for connected cars and mobile security. It also sells AI-powered data analytics.

Shopify added 32%, recovering from a weak first quarter. RBC Capital Markets analysts raised their price target to C$140 in June, citing margin improvement and stronger merchant additions in Europe. The e-commerce platform reported a rising average revenue per user.

MTY Food Group climbed 28%. Same-store sales increased across its quick-service restaurant portfolio, which includes Taco Time and Papa Murphy's. Management said in a May earnings call that its debt-to-EBITDA ratio fell below 2x after two franchise acquisitions in the United States. The Montreal-based company operates more than 7,000 locations.

Avant Brands surged 44% on optimism around potential federal rescheduling of marijuana in the United States. The cannabis producer narrowed its quarterly loss to C$1.2 million through a cost-cutting plan. The stock remains down 15% year-to-date, reflecting the sector's longer-term oversupply.

Bird Construction rose 18% after winning a C$180 million contract for a mixed-use development in Vancouver. The company's backlog hit C$4.1 billion in May, the highest in its history. Backlog coverage now stands at 2.5 times trailing revenue, according to the company's investor deck.

Reitmans, the women's apparel retailer, climbed 12% after reporting a C$8.4 million quarterly profit, reversing a year-ago loss. The company closed underperforming mall locations and shifted toward off-mall formats. Same-store sales rose 4.5%. The stock trades at roughly eight times trailing earnings, a discount to the sector average of 15 times.

The second-quarter moves show that stock-specific catalysts drove returns. Those catalysts ranged from AI licensing and contract wins to store rationalisation. The next scheduled event for the group is second-quarter earnings reports due in July and August.