TSX trends 2024-2025: key opportunities for Quebec SMEs

With the Toronto Stock Exchange (TSX) on the rise, interest rates gradually coming down and investors’ appetite for innovation, the 2024-2025 context opens up an interesting window of opportunity for Quebec SMEs. In 2024, the S&P/TSX Composite recorded a total return of around 21.7%, one of the best vintages in recent years, driven in particular by the information technology and financial services sectors, both up by more than 30% over the year. ¹ In 2025, momentum remains robust: as at October 31, 2025, the TSX posted a 12-month return of 28.7%, with sectors such as technology (+67.4%), materials (+56.5%) and financial services (+31.7%) leading the way. ²
For managers of Quebec SMEs, these figures are more than just a financial curiosity: they reveal underlying trends and concrete opportunities, whether for attracting investors, preparing for a possible IPO, or simply better positioning the company in the ecosystems benefiting from this growth.

1. TSX trends 2024-2025: a market more dynamic than it seems

Contrary to the impression of a “sluggish” market after the 2022-2023 rate hike, recent data shows that the TSX has rebounded strongly. According to an analysis by TMX Datalinx, 2024 was a “fantastic” year for Canadian markets, with a total return of 21.7% for the S&P/TSX Composite Index^.1 All major sectors ended the year in positive territory, with the exception of communication services (-21%). Information technology and financial services were the locomotives, each exceeding a 30% return in 2024^.1

The trend continued into 2025. According to data compiled as at October 31, 2025, the TSX index posted an annual return of 28.7%, with :

• Technology: +67.4% over 12 months
• Materials: +56.5
• Financial services: +31.7
• Energy: +18
• Public services: +22.7

Only a few segments, such as communication services (-4.4%) and healthcare (-5%), remained in decline^.2

This sectoral dispersion is crucial for SMEs: it shows that the TSX is not just a macroeconomic barometer, but a reflection of buoyant themes – digital, financial technologies, energy transition, strategic materials, etc. For Quebec-based companies active in these areas (B2B SaaS, AI solutions, fintech, mining and materials, cleantech), the market environment is more favorable than it was in 2022-2023.

At the same time, the Quebec economy is showing signs of resilience. In 2024, Quebec’s real GDP grew by 1.4%, an acceleration on 2023 (+0.6%), with a marked rise in household consumption (+1.7% in Q4 2024) and investment (+2.7%)^.3 For institutional investors, this economic solidity reinforces the attractiveness of Quebec issuers on the TSX and TSX-V.

Finally, historically, years of strong gains are not isolated accidents. A recent analysis shows that, since 1957, the TSX has generated returns of 20% or more in 22 of the 69 years studied (around 32% of the time), and that 2025 falls into just this category, with a total return of around 31.7% including dividends^.4 For SMEs, this is a reminder that Canadian stock markets regularly offer windows of significant growth, even after more difficult periods.

2. Access to capital: how Quebec SMEs are (already) benefiting from the TSX

Data from 2024-2025 clearly show that Quebec companies are back on the radar of public markets. According to an analysis published in 2025, Quebec issuers raised around $1.6 billion via issues on the TSX and TSX-V in 2024, four times more than in 2023 ($0.4 billion)^.5 The number of prospectuses filed in Quebec fell slightly (145 in 2024 vs. 151 in 2023, -4%), but the amounts raised by local companies rose sharply, a sign of greater investor confidence.

Significantly, 2024 saw the return of initial public offerings (IPOs) for Quebec companies, with four IPOs in Canada, including one on the TSX by a Quebec-based issuer – the largest IPO of the year^.5 By 2023, no Quebec company had completed an IPO. This is an important signal for managers of growing SMEs: the primary market is reopening, and investors are willing to support well-structured growth stories.

Alongside the traditional public markets, the exempt market (private placements, accredited investors, etc.) has exploded, with Quebec companies raising around $18.5 billion in 2024, up 64% on 2023^.5 A large proportion of this capital comes from issuers already listed on the TSX/TSXV or reporters, showing that private financing and public markets work in synergy.

For an SME, this translates into several concrete opportunities:

• Preparing a path to the TSX or TSXV: structuring governance, financial statements and systems (CRM, data, KPIs) to meet the expectations of public investors.
• Use private rounds as a stepping stone to a stock market listing, capitalizing on investors’ enthusiasm for certain sectors (technology, materials, energy).
• Strengthen intangible assets (proprietary technology, customer data, sales automation, e-commerce platform) to improve company valuation.

With this in mind, digital tools become strategic. For example, an SME that implements aCRM automation and sales management solution increases its ability to prove, with figures to back it up, the recurrence of its revenues, its customer acquisition cost (CAC) and customer lifetime value (LTV) – indicators scrutinized by stock market analysts.

Similarly, a strong, measurable online presence (organic traffic, conversion rate, online sales) helps to lend credibility to a growth plan. A high-performance professional web platform or an optimized online store are tangible assets in the valuation of an SME in the pre-IPO phase.

3. Growth sectors for SMEs: where are the best TSX opportunities?

TSX sector statistics for 2024-2025 are particularly enlightening for Quebec SMEs considering their strategic positioning. Several sectors stand out:

• Information technology: +>30% in ²⁰²⁴¹ and +67.4% over 12 months to October 31, 2025^.2 Investors continue to favor SaaS business models, AI platforms, cybersecurity and B2B cloud solutions.
• Financial services: over 30% return in ²⁰²⁴¹ and 31.7% over 12 months in 2025^.2 Fintech, payment solutions, digital wealth management and compliance automation tools are attracting strong demand.
• Materials: +56.5% year-on-year in 2025, with a year-to-date surge of 70.4% to October 31, 2025^.2 This reflects interest in strategic metals, gold and the resources needed for the energy transition.
• Energy: +18% year-on-year in 2025, after volatile phases in 2024 when the sector first corrected before rebounding strongly^.26
• Utilities: +22.7% over 12 months, benefiting in particular from the energy requirements of data centers and digital infrastructures^.2

For SMEs, it’s not necessarily a question of changing sectors, but of positioning themselves where value is created. Here are a few ideas:

• Integrate AI and automation into traditional sectors (manufacturing, distribution, professional services) to get closer to the multiple tuned to techs. For example, by deploying AI and chatbot solutions for customer service, lead generation or internal support.
• Aligning with the energy transition: energy optimization, recycling, advanced materials, engineering services linked to mining projects or renewable energies.
• Fintech & extended financial services: payment solutions integrated into e-commerce platforms, integrated financing tools (BNPL B2B), automated cash management.

TSX data also confirm that sector cycles can be rapid. For example, in 2024, energy initially experienced a quarterly decline (XEG: -9.8% over Q4 2023), before rebounding by +18.8% between January and March 2024, while technology, which was very strong in the fall, slowed down in early 2024 (+5.3% only over the quarter)^.7 This reminds us of the importance, for an SME, of thinking in terms of 3-5-year positioning rather than trying to follow “trendy” sectors from quarter to quarter.

A winning strategy is to anchor the company in a structurally buoyant sector (digital, AI, energy transition, connected health, innovative financial services) and then build a robust digital infrastructure (website, CRM, e-commerce, marketing automation) that makes growth predictable and measurable – exactly what investors are looking for when analyzing a potential stock on the TSX.

4. Preparing to take advantage of TSX trends: a roadmap for Quebec SMEs

Whether your goal is an IPO in the medium term, or simply a greater ability to attract private investors, TSX Trends 2024-2025 offers a clear canvas. Here’s a pragmatic roadmap for Quebec SMEs:

1) Structure your financial and customer data

Investors looking at the TSX (or private markets) want reliable, detailed and regular data. This implies :

• Centralized CRM for sales, pipeline and recurring revenue data.
• Clearly documented, standardized indicators (MRR, ARR, churn, CAC, LTV, gross margin).
• Customer segmentation to demonstrate the depth of the addressable market.

A solution like Nuaweb’s CRM management and sales automation helps to move from “Excel” management to a data architecture ready for sophisticated investor due diligence.

2) Professionalize your digital presence

On the TSX, the companies that stand out are often those that combine a solid business model with strong digital visibility. For an SME, this means:

• A clear, fast and conversion-oriented website, adapted to the expectations of B2B or B2C customers.
• An SEO strategy to capture stable organic demand (qualified traffic, measurable leads).
• Educational content (blog, case studies, videos) that reinforces the credibility of the management team.

A professional website design, supported by a content and SEO strategy, becomes a lever for demonstrating commercial traction and brand awareness, key elements in any pre-IPO or pre-financing assessment.

3) Capitalize on e-commerce and recurring revenues

Stock markets particularly value recurring revenues and scalable models. Even for a manufacturing or service SME, it is often possible to add :

• An e-commerce dimension for certain product lines.
• Subscriptions (maintenance, software, premium services).
• Self-service customer portals (lower costs, better experience).

A well-thought-out online store, integrated with your CRM and automation tools, can transform a one-off activity into a recurring revenue stream more easily valued by investors.

4) Integrate AI strategically

With the technology sector outperforming the TSX, investors are actively looking for companies capable of taking advantage of artificial intelligence, even in so-called “traditional” sectors. For an SME, this could mean:

• Automate part of customer service with AI chatbots to reduce costs and increase satisfaction.
• Use AI forpredictive analysis of sales, inventory or risk.
• Optimize marketing campaigns with AI models that adjust messages and channels in real time.

By working with a specialized partner like Nuaweb (AI, automation, chatbots, CRM integrations), an SME can quickly move from a few isolated experiments to a coherent AI strategy, readable by financial analysts and aligned with market expectations for tech-enabled stocks.

Conclusion: turn TSX trends into a strategic advantage for your SME

The figures for 2024-2025 bear this out: the TSX is experiencing a strong performance cycle, with a total return of around 21.7% in 2024 and close to 28.7% over 12 months in autumn 2025, driven by technology, materials, financial services and energy.¹² At the same time, Quebec companies quadrupled the amounts raised on the TSX and TSX-V between 2023 and 2024, and financing on the exempt market increased by 64%. ⁵ For SME managers, this is not just good macroeconomic news: it’s a clear signal that it’s time to prepare your company to take advantage of this dynamic.

This involves :

• A solid digital infrastructure (website, e-commerce, CRM, automation).
• A structured AI strategy that really improves your operations and margins.
• Data on your performance (KPIs, customer cohort, recurrence) to speak the language of TSX investors.

Nuaweb is already supporting Quebec SMEs in this transformation: artificial intelligence, sales-oriented CRM management, e-commerce projects, high-performance website creation and marketing automation. If you’re considering accelerated growth, major financing or even a path to the TSX or TSX-V, now is the time to structure your digital foundations.

Want to assess your SME’s potential in light of TSX trends 2024-2025? Schedule a free strategic consultation with our team: talk to a Nuaweb expert today.

Sources:
1. TMX Datalinx, “A look back at 2024 in the lens of S&P/TSX sector indices” (S&P/TSX 2024 total return and sector performance). ¹
2. Edward Jones, “Year in review: 2025 by the numbers” (TSX sector returns to October 31, 2025). ²
3. Institut de la statistique du Québec, “Québec’s real GDP in the fourth quarter of 2024”. ³
4. RBC Wealth Management, historical analysis of TSX annual returns (31.7% in 2025, frequency of +20% years). ⁴
5. BCF, “Québec companies in Canadian capital markets: a year of growth amid structural shifts” (amounts raised by Québec issuers in 2024). ⁵
6. Nelson Portfolio Management Corp. 2024 quarterly commentary (quarterly variation in TSX sectors, including energy and technology). ⁷