The S&P/TSX SmallCap Index advanced 2.16 per cent in December with mixed sector performance.
There were five sectors with positive price returns - materials, financials, industrials, health care and real estate with gains of 4.87 per cent, 3.99 per cent, 3.64 per cent, 2.08 per cent and 0.38 per cent, respectively.
Amongst the sector laggards were technology, communication services, utilities, consumer discretionary, consumer staples and energy with negative price returns of 9.14 per cent, 3.74 per cent, 1.47 per cent, 0.9 per cent, 0.24 per cent and 0.24 per cent, respectively.
The S&P/TSX SmallCap Index rallied 47 per cent in 2025. In comparison, the S&P/TSX Composite Index delivered a price return of 28.3 per cent.
The top 10 performers in the TSX SmallCap Index during the month were:
- Dynacor Group Inc. (DNG-T), up 33 per cent
- TerraVest Industries Inc. (TVK-T), up 30 per cent
- GDI Integrated Facility Services Inc. (GDI-T), up 29 per cent
- Dye & Durham Ltd. (DND-T), up 28 per cent
- G2 Goldfields Inc. (GTWO-T), up 28 per cent
- Almonty Industries Inc. (AII-T), up 28 per cent
- New Pacific Metals Corp. (NUAG-T), up 26 per cent
- Collective Mining Ltd. (CNL-T), up 26 per cent
- G Mining Venture Corp. (GMIN-T), up 25 per cent
- Source Energy Services Ltd. (SHLE-T), up 24 per cent
Stocks with large positive revisions to their average target prices over the past month include:
- Canopy Growth Corp. (WEED-T), up 114 per cent to $3.71 from $1.73
- G2 Goldfields Inc. (GTWO-T), up 40 per cent to $8.04 from $5.75
- Laurentian Bank of Canada (LB-T), up 34 per cent to $40.38 from $30.22
- Jaguar Mining Inc. (JAG-T), up 24 per cent to $10.88 from $8.78
- Extendicare Inc. (EXE-T), up18 per cent to $24.21 from $20.46
Now, here’s a look at analysts’ current target prices, recommendations, forecast returns and yields for all securities in the S&P/TSX SmallCap Composite Index grouped by sector and ranked according to their expected price returns (excluding dividend and distribution income). The posted target price for each security is an average of all available target prices from analysts. A target price typically reflects an expected share or unit price 12 months from now based on an analyst’s financial modelling, such as a discounted cash flow or sum-of-the-parts model. For the yield provided, Bloomberg calculates this figure by annualizing the most recent announced dividend or distribution value.
It’s important to note that high target prices, which imply stellar returns that seem unbelievable may be just that - unrealistic. At times, when a stock price falls analysts may maintain their bullish expectations, inflating the forecast return. In addition, an outlier (extreme target price) can skew the average target price, to the upside or downside, particularly when the number of analysts covering a stock is low. Don’t let a huge projected gain lure you into a position – it is critical to look at the company and industry fundamentals.