Energy companies dominate TSX's list of top 30 stocks over past 3 years

STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Energy companies including Paramount Resources and NuVista dominated the list of 30 best performing Canadian stocks over the past three years, an annual ranking by the Toronto Stock Exchange showed on Tuesday.

Of those, 20 were energy firms with Paramount Resources and NuVista Energy topping the list with their 1,913% and 1,279% surge. The energy sector has the second biggest influence on the Toronto Stock Exchange's $2.37 trillion S&P/TSX composite index, which houses 226 companies and has climbed 24.4% in the past three years.

In comparison, the much larger $37.49 trillion Wall Street benchmark S&P 500, which is largely skewed towards technology companies, has climbed 34.2% in the same period.

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Energy companies dominate TSX's list of top 30 stocks over past 3 yearsShares of the 30 companies have surged more than six times on average over the past three years after adjusting for dividends and together added over $120 billion in market value, according to TSX. Of those, 20 were energy firms with Paramount Resources and NuVista Energy topping the list with their 1,913% and 1,279% surge. Energy stocks closely track oil prices, which have surged more than 84% since the end of 2020 fuelled by a recovery in demand as economies opened up after COVID-19 lockdowns, supply constraints due to the Russia-Ukraine conflict and production curbs by OPEC+.
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