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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Geoffrey MorganUpdated Mon, December 8, 2025 at 4:32 PM GMT+1 5 min read(Bloomberg) — Canada’s largest stock exchanges are atrophying, with the number of publicly traded companies shrinking for a fourth straight year even as the country’s stock benchmark soared past the S&P 500 (^GSPC).Delistings and companies taken private continue to outpace IPOs on the Toronto Stock Exchange and the junior TSX Venture Exchange, a stark contrast to the benchmark S&P/TSX Composite Index’s 27% increase. The number of corporate issuers on the TSX has fallen 45% since 2008 to 678 as of the end of the third quarter, data from exchange operator TMX Group show.Most Read from BloombergWealthy County in New York Must Pay $112 Million Over Immigrant Rights ViolationsTrump Replaces Architect to Lead $300 Million Ballroom DesignA Bright Idea for Road Safety: Traffic Light TimingOwner of NYC’s Fordham Landing Housing Project Files Bankruptcy“The fact that the market has hollowed out a little bit is, I think, a concern,” said Dan Nowlan, vice chairman and managing director of equity capital markets, corporate and investment banking at National Bank Capital Markets. In recent years, over C$100 billion ($72 billion) worth of Canadian firms have either gone private or been sold, he said, though those were largely the smaller firms “that have been more and more ignored since 2021 by institutional investors.”Those same investors, he said, are looking for bigger IPOs and still interested in Canadian offerings. “We do hear constantly from institutional investors that they want to see new names to invest in,” Nowlan said.Underlying the trend is a market that has rewarded firms with either staying private or being taken private. In 2025, 11 Canadian companies went private in transactions totaling $45.4 billion, including companies being acquired by other publicly traded firms.Some of the deals include pension manager Caisse de Depot et Placement du Quebec’s $6.4 billion take-private of Innergex Renewable Energy Inc., and CI Financial Corp.’s sale to Abu Dhabi’s Mubadala Investment Co., which was completed in August.A much smaller number of transactions went the other way. Brookfield Asset Management-backed Rockpoint Gas Storage completed its IPO while Xanadu Quantum Technologies Inc. announced it would go public via a blank-check deal.The growth of private equity continuation funds and private credit have contributed to companies staying away from the public markets in both Canada and the US, said Ari Pandes, associate finance professor at University of Calgary.“Regular, middle-class investors are being robbed of growth opportunities,” he said. “You can tie that into income inequality issues: the best opportunities are available to high net worth individuals.”Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,860.14 -10.26 (-0.15%)Dow 3047,865.34 -89.65 (-0.19%)Nasdaq23,581.79 +3.66 (+0.02%)Russell 20002,531.33 +9.85 (+0.39%)VIX16.55 +1.14 (+7.41%)Gold4,219.90 -23.10 (-0.54%)Trending tickersBTC-USD Bitcoin USD 89,962.16 +927.54 (+1.04%)CFLT Confluent, Inc. 29.73 +6.59 (+28.46%)CETX Cemtrex, Inc. 5.06 +1.99 (+64.82%)CVNA Carvana Co. 436.64 +36.87 (+9.22%)TGL Treasure Global Inc. 32.81 +7.37 (+28.97%)PortfolioSign in to access your portfolioSign inTop gainersWVE Wave Life Sciences Ltd. 16.77 +9.28 (+123.90%)GPCR Structure Therapeutics Inc. 70.60 +36.04 (+104.29%)KYMR Kymera Therapeutics, Inc. 99.01 +32.38 (+48.61%)CFLT Confluent, Inc. 29.74 +6.60 (+28.52%)OCUL Ocular Therapeutix, Inc. 15.95 +3.36 (+26.75%)Top losersLEGN Legend Biotech Corporation 25.12 -3.01 (-10.70%)MRVL Marvell Technology, Inc. 89.38 -9.54 (-9.64%)APD Air Products and Chemicals, Inc. 238.01 -22.68 (-8.70%)BE Bloom Energy Corporation 109.92 -9.26 (-7.77%)CRWV CoreWeave, Inc. 81.59 -6.71 (-7.60%)Most activeHBI HanesBrands Inc. 6.47 0.00 (0.00%)CFLT Confluent, Inc. 29.74 +6.60 (+28.52%)WVE Wave Life Sciences Ltd. 16.77 +9.28 (+123.90%)WBD Warner Bros. 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