After tanking to their lowest levels in several years during the global pandemic phase, the TSX Composite benchmark has made a remarkable comeback, surging by well over 100% from its 2020 lows. So far in 2024, the index has rallied by 17%, pushing past the 24,500 level as investor confidence grows with each interest rate cut. If you don’t want to miss out on this rally, now could be a great time to consider adding some top-performing TSX stocks to your portfolio.
In this article, I’ll introduce you to two top TSX stocks that are thriving in this rally, which could give you a chance to catch up on 2024’s gains.
Celestica stock
With its eye-popping 152% year-to-date gains, Celestica (TSX:CLS) is currently 2024’s top-performing TSX stock. This Toronto-based company mainly provides manufacturing and supply chain solutions for various industries like technology, aerospace, and communications. It currently has a market cap of $11.4 billion, and its stock trades at $97.68 per share.
The recent impressive surge in Celestica stock could mainly be attributed to its consistently strengthening position in high-demand sectors. Last week, the company announced its significantly better-than-expected quarterly financial results, which led to a spectacular rally in its share prices. In the third quarter ended in September, Celestica’s revenue climbed by 22.3% YoY (year over year) to US$2.5 billion due to a solid 42% jump in its connectivity and cloud solutions segment. More importantly, the company posted a solid 60% YoY increase in its adjusted quarterly earnings to US$1.04 per share, exceeding Street analyst expectations of US$0.93 per share by a healthy margin.
Despite weaker revenue of its advanced technology solutions segment, the company’s overall strong financial performance encouraged its management to raise full-year revenue and earnings forecasts and provide strong 2025 growth expectations. As the demand for its manufacturing solutions continues to strengthen, I expect CLS stock to maintain its upward momentum in the coming years.
Bombardier stock
Bombardier (TSX:BBD.B) stock has also been among the top gainers on the Toronto Stock Exchange in 2024, as it has gone up by 95% year to date. With this, this Dorval-based business jet manufacturer currently has a market cap of $10.4 billion as its stock trades at $103.69 per share. In addition to Bombardier’s remarkable turnaround in recent years, the ongoing strength in its operational performance could be the main reason behind its impressive stock performance.
In October 2024, the Canadian jet maker began manufacturing key components for its much-awaited Global 8000 business jet, a project that’s expected to become a game changer in the business aviation industry. Set to be the world’s fastest business jet, the Global 8000 is capable of achieving top speeds of Mach 0.94 and features an impressive range of 8,000 nautical miles. The business jet will enter service in the second half of 2025 and is expected to appeal to potential customers for ultra-long-range business jets.
In addition, the ongoing production ramp-up of its existing business jet models further strengthens Bombardier’s position in the business jet market, which could continue to help its share prices soar.
