The rise of artificial intelligence drove bubble fears in stock markets around the world in 2025, but investors who stuck it out were well rewarded. Despite turmoil from the trade war, most global markets approached the end of the year in the black.
When it came to individual stocks and commodities, however, some had it better than others. Here, the Financial Post’s Gigi Suhanic takes a look at five winners and five losers from the year in investing. 

Winners

Aritzia

The Vancouver-based clothing retailer known for its Super Puff jackets and Effortless Pant was one of the top performers on the TSX in 2025. By late December,

Aritzia Inc.

shares (TSX:ATZ) had more than doubled to about $112 as it continued to make headway in the U.S., which accounted for 58 per cent of its revenue for the fiscal 2025 year. Analyst Stephen MacLeod at BMO Capital Markets recently hiked his price target to $130 from $110 based on continued U.S. expansion plans; the company is also attracting attention from the investment community south of the border, with

Goldman Sachs

analyst Jonathan Keypour initiating coverage on Dec. 11 with a buy rating and a price target of $130, citing Aritzia’s “large untapped U.S. opportunity.”

The TSX

The

S&P/TSX composite index

turned the tables on the major U.S. stock markets this year, defying

Donald Trump

‘s trade war to outperform its southern brethren. With just a few trading days left in the year, the TSX is up approximately 27 per cent, double the Dow Jones Industrial Average’s 13.5 per cent gain, and well ahead of both the S&P 500 index at 16 per cent and the NASDAQ at 20 per cent. The trend of U.S. outperformance was upended as investors flocked to metals miners to cash in on big gains in gold and silver, while financials, specifically Canada’s

Big Six banks

, also helped power the TSX. This year’s stellar gain comes on the heels of a 19 per cent gain in 2024, leaving investors asking if a third big year is ahead in 2026.

Silver

The price of silver more than doubled in 2025, surpassing its flashier counterpart, gold, which jumped a meagre 63 per cent. The silver and gold duo were market darlings as investors sought to surf the trends of “rising levels of sovereign debt, persistent inflation, a weaker (U.S. dollar), continued pressure for lower rates and strong physical demand from central banks/stablecoins,” National Bank Capital Markets said in a note. Analysts think those driving forces will remain in play in 2026. Silver, which traded above US$67 as of Dec. 19, also benefited from its importance as a material in industrial uses, with the U.S. also adding it to its list of critical metals. It’s rise helped make Discovery Silver Corp. (TSX:DSV) the TSX’s top gainer for the year by a wide margin, up 1,083 per cent.

Celestica

Celectica Inc.

(TSX:CLS) stood out among the top 10 gainers on the TSX as the only non-metals name of 2025, up more than 200 per cent as of late December. The Toronto-based electronics component manufacturer has transformed into an artificial intelligence infrastructure play and been swept up in the exuberance that powered U.S. markets. The AI theme has suffered of late as markets worry about the sector on several fronts, including massive debt issuances and spending delays at some big U.S. companies. But JPMorgan Chase and Co. still sees Celestica as one of the companies that will benefit from capital spending of AI “hyperscalers” such as Google,

Meta Platforms Inc.

and Amazon.com Inc. Shares of Celestica were trading above $407 in late December.

Alphabet

OpenAI’s ChatGPT was the first artificial intelligence chatbot to capture the public’s imagination, but it looks like Google parent

Alphabet Inc.

(Nasdaq/GOOG) is rapidly closing the gap. Alphabet lapped the rest of the Magnificent Seven stocks in 2025, rising 62 per cent by late December with the closest competition coming from Nvidia Corp., up 32 per cent. A survey from TD Cowen showed that a growing share of ChatGPT users were also using Google’s Gemini 3 chatbot and that people are increasingly using AI in search. Alphabet also got a major boost in November when it was revealed that tech-wary Berkshire Hathaway Inc. had taken a stake. Alphabet shares were trading at nearly US$310 in late December.

Losers

Lululemon

Aritzia may have soared in 2025, but

Lululemon Athletica Inc.

(Nasdaq/LULU) stumbled. Shares of the athleisure maker were languishing down more than 55 per cent through late November, but staged a mini comeback in December on news that chief executive Calvin McDonald would step down and that an activist investor was taking a stake. A shrinking U.S. market and revelations that pricey yoga tights were landing in discount bins were among Lululemon’s troubles. The death of the U.S. de minimis rule didn’t help either, as much of Lulu’s online distribution came from outside that country. Then came the attack ad against McDonald from Lululemon founder Chip Wilson, which urged for a leadership change. Jefferies analyst Randal Konik called McDonald’s departure the “most constructive development for shareholders in years.” Some analysts have since hiked their outlooks, though the 12-month average price target of US$205 sits around where the stock was trading in late December.

Constellation Software

Long-time TSX darling

Constellation Software Inc.

(TSX:CSU) fell out of favour in 2025, as investors worried about the impact of AI and the departure of founder Mark Leonard, who stepped down as president in September, citing health concerns. Overall, shares were down 25 per cent as of mid-December, landing it on the list the top 10 losers for the year. Software providers suffered in general in 2025, CIBC Capital Markets said in a note, as investment dollars felt the gravitational pull of AI infrastructure. CIBC analyst Stephanie Price cited “company specific headwinds and AI concerns” for the shares’ losses, but she thinks the outlook will improve in 2026 as some of that AI money starts to benefit software companies. Constellation was trading at $3,336 in Toronto on Dec. 19.

West Fraser Timber

West Fraser Timber Co. Ltd.

(TSX:WFG) was felled in 2025 by Donald Trump’s lumber tariffs, with shares of the company down just under 35 per cent, making it the biggest loser on the TSX in 2025. In mid-October, a 10 per cent duty on global timber imports to the U.S. came into effect. That was on top of already existing American tariffs of 35 per cent on Canadian lumber. In addition to the 10 per cent tariff, Trump also imposed a 25 per cent levy on wooden cabinet and vanity imports, which is set to rise to 50 per cent in the new year. Despite the tough year, some analysts have hiked their 2026 price targets for West Fraser. They include Matthew McKellar at RBC Capital Markets, who thinks the company’s stock price looks attractive and has West Fraser as one of his top picks for 2026.

Orange juice

It’s been a sour year for orange juice with futures contracts for frozen concentrate down 66 per cent. The breakfast staple was the target of retaliatory tariffs in Canada in the initial aftermath of Donald Trump’s trade war, with the U.S. Census Bureau reporting in August that orange juice shipments to Canada had sunk by 20 per cent. But the removal of Canada’s duties didn’t seem to juice the outlook for OJ, which more generally has been suffering from sagging demand as dietary habits change. This year’s decline marked a major turn of fortunes for the futures, which soared at the end of 2024 as drought, disease, flooding and storms hit crops around the world including in the U.S.

Chipotle

Chipotle Mexican Grill Inc.

(NYSE/CMG) went on a major run after U.S. hedge fund titan Bill Ackman bought into the fast food juggernaut in the wake of a tainted food scandal in 2015. But things caught up with Chipotle this year, with shares down 40 per cent as investors mulled over the effects of inflation and a more cautious consumer. Even Ackman decided he had had enough, selling his remaining stake in the Mexican fast-casual chain. Since hitting an all-time high in 2024 of US$68.55, Chipotle shares are down 48 per cent and were trading at around US$38 in late December.

• Email: gmvsuhanic@postmedia.com