The TSX Index was down -0.30% in the month of April, up 0.46% YTD and 14.40% over the past year. Canadian GDP was up 0.6% in the fourth quarter of 2025 and 2.40% for the full year; in the USA the GDP was up 2.4% for the fourth quarter and 2.50% for the full year. Canadian inflation rate was 2.30% annually in April 2025 and the US annual rate was 2.40% in April 2025. With this background, the following Table presents the highest and lowest performers for the month of April 2025.

Top Performers

Galaxy Digital Holdings (GLXY)

The best performer of April was Galaxy Digital Holdings Ltd (GLXY) whose stock price was up 44.5% on the month, down -12.3% year-to-date, and up 81.2% over the past year.

It operates across a few main segments: global markets (trading, lending, derivatives), asset management (venture investing, passive ETFs, etc.), digital infrastructure (data centres for blockchain and AI). In early April, there was positive progress on its US Nasdaq listing, where the SEC declared its registration statement effective for a US listing. A special shareholder meeting is scheduled for May 9^th to approve the reorganization.

It announced a 15-year lease agreement with CoreWeave to develop a large AI data centre in the US, which is expected to generate $4.5 billion over the 15 years.

Andlauer Healthcare Group (AND)

The second best performer of April was Andlauer Healthcare Group Inc (AND) whose stock price was up 37.2% on the month, up 26.8% year-to-date, and up 28.3% over the past year.

On April 24, 2025, UPS announced its plans to acquire AND for $2.2 billion. This represented a 31% premium over the stock’s closing price, at an acquisition price of $55.

The transaction is expected to close in the second half of this year, and it is expected to strengthen the industry position for UPS in the healthcare logistics sector.

Kinaxis (KXS)

The third best performer of April was Kinaxis Inc (KXS) whose stock price was up 17.3% on the month, up 7.5% year-to-date, and up 27.0% over the past year.

KXS is a Canadian software company that provides cloud-based supply chain management solutions for companies across the globe. In the month of April, KXS partnered with Databricks to accelerate AI-powered supply chain orchestration. KXS also launched a new solution called ‘Tariff Response’ which helps companies to quickly model the impacts of tariffs. This new solution adds tools for trade disruptions, pricing levers, and modeling demand. KXS noted that the use of its platform, Maestro, has been surging due to the recent disruptions and shifts in global trade.

Bottom Performers

Northland Power (NPI)

The third worst performer of April was Northland Power Inc (Ontario) (NPI) whose stock price was down -4.8% on the month, up 4.6% year-to-date, and down -10.9% over the past year.

NPI is an independent power producer focused on electricity generation from clean and renewable sources. The company had some news releases in the month of April, but most of its price weakness was due to broader market weakness and a relatively weaker recovery from renewable energy names as opposed to higher growth companies.

In early April it noted that its Jurassic BESS project in Alberta is expected to cost around $120 million, and once it is fully operational it could contribute close to $15 million of annual adjusted EBTIDA. Forward growth estimates are OK, but NPI’s share price has been weak for several years now.

Ag Growth International (AFN)

The second worst performer of April was Ag Growth International Inc (AFN) whose stock price was down -4.9% on the month, down -34.6% year-to-date, and down -37.3% over the past year.

AFN saw a few analyst upgrades and downgrades in the month of April, but the threat of tariffs put enough pressure on the name during the month. In its latest earnings report in early March, the company showed a decline in revenue and adjusted EBITDA against the prior year, and noted continued challenges in its FY2025 outlook. AFN has been under pressure for several years now, as its price has fluctuated between levels of $30 and $60 over the years.

Pason Systems (PSI)

The worst performer of April was Pason Systems Inc (PSI) whose stock price was down -16.5% on the month, down -19.3% year-to-date, and down -29.8% over the past year.

PSI sold off in the month of April as investors were cautious on oilfield services names, but also the price of oil witnessed a material decline during the month. PSI generates decent free cash flows, but analyst estimates have been declining, and its price is mostly tied to the price of oil, which has seen downward pressure in recent months.

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Twitter: @5iChris