Table of Contents
- Market Context
- What Happened
- Why It Matters
- Sector Breakdown
- Risks to Watch
- What to Watch Next
- Final Outlook
Market Context
Canadian growth stocks close the month of September with a cleaner fundamental narrative than any prior week in 2026’s most volatile period. BlackBerry (TSX:BB) raised its full-year fiscal 2027 financial outlook following Q2 results released September 24, generating a 3.6% gain on Friday September 25 and confirming that the company’s physical AI automotive software transformation has delivered another quarter of strong execution. Celestica (TSX:CLS) — the AI hardware manufacturing leader — climbed more than 3% on Friday, extending its pattern of outperformance on sessions where chipmaker and technology infrastructure sentiment is constructive. Together, these two TSX-listed companies represent the most commercially validated expressions of Canada’s AI growth narrative: one at the hardware infrastructure layer (Celestica’s hyperscaler server manufacturing) and one at the physical AI software layer (BlackBerry’s QNX embedded systems and Alloy Kore platform).
The broader growth stock context for the final week of September was shaped by two simultaneous macro tailwinds. First, the Iran-U.S. naval agreement progress reduced energy-driven inflation expectations, which eased rate-hike probability and lowered the discount rate pressure that has been the most significant headwind for long-duration growth equities since the Fed’s September 16 hike. Second, the Canada Investor Summit’s CA$500 billion in pledged investment for critical infrastructure in digital technology, energy, and transportation created a domestic demand narrative for technology and digital infrastructure companies that complements the existing AI hardware spending cycle. For Canadian growth investors who have been navigating the post-hike multiple compression environment, both tailwinds are genuinely supportive — though neither resolves the October FOMC hike probability that remains the sector’s structural valuation overhang.
Motley Fool Canada’s analysis of September’s market dynamics confirmed that the TSX 60’s recovery between September 16 and 22 was driven by technology and financial sector leadership — exactly the category combination that BlackBerry and the bank surge represent. The first weekly TSX gain in a month, anchored by specific company results and sector-level macro relief, provides a constructive foundation from which growth investors can assess Q4 positioning.
What Happened
On Friday September 25, BlackBerry (TSX:BB) gained 3.6% after the company raised its full-year fiscal 2027 financial outlook following a strong first half of the fiscal year. The raise follows Q2 results released September 24 that showed revenue, profitability, and earnings all strengthening — consistent with the trajectory established in Q1’s extraordinary 26% revenue growth, 144% EBITDA growth, and first cash-positive fiscal Q1 in nine years. Analysts now expect revenues between CA$137 million and CA$148 million for the current quarter, and BlackBerry was among the five most active TSX stocks by volume on Friday, confirming broad institutional engagement with the raised guidance narrative. Celestica (TSX:CLS) also climbed more than 3% on Friday, consistent with the chipmaker strength that accompanied the session’s broader technology and AI hardware momentum. Parex Resources (TSX:PXT) gained more than 3%, though as an energy company rather than a growth technology stock in the conventional sense. The TSX closed at 35,801, up 0.3%, with growth names contributing alongside financial sector gains.
Why It Matters
BlackBerry’s Raised Guidance Is the September Growth Story That Matters Most for Q4
When a company that has delivered a 128.9% year-to-date return raises its full-year financial outlook following Q2 results, the analytical significance is specific: management has reviewed its Q2 performance and determined that the forward trajectory supports higher revenue and earnings expectations than the guidance it had provided previously. That is a fundamentally positive signal that is distinct from momentum-driven price increases. The raised guidance is backed by the Alloy Kore Coretura design win (Daimler Truck and Volvo Group’s software-defined commercial vehicle platform), the QNX royalty backlog of approximately US$950 million, and the continued growth of both QNX and Secure Communications segments into the second half of the fiscal year. Investors are watching whether the October and November operational updates confirm that the raised guidance is being executed against rather than simply stated as a forward target.
Celestica’s Continued Strength Confirms AI Hardware Demand Is Not a One-Quarter Story
Celestica’s 3%+ Friday gain — following earlier September sessions where the stock absorbed profit-taking after its leadership transition announcement — confirms that institutional buyers view the AI infrastructure hardware demand thesis as durable rather than exhausted. The company’s 190% Enterprise segment revenue growth guidance for Q3 2026 represents committed hyperscaler hardware orders rather than aspirational projections, and the OpenAI custom chip manufacturing engagement adds a strategic dimension to the revenue story that extends well beyond the current quarter. For investors who questioned whether Celestica’s extraordinary summer gains were sustainable, Friday’s continued strength in the context of a broadly more challenging market provides analytical reassurance.
Also Read: Best long term Canadian stocks
Sector Breakdown
Canada’s growth stock universe at the close of September 2026 is best organised by the confidence level that underlying earnings data has provided. BlackBerry occupies the highest-conviction position: raised full-year guidance after two consecutive quarters of accelerating earnings growth, a first commercial Alloy Kore design win, and analyst price targets from five firms that have moved materially higher since Q1. Celestica occupies the second position: 62% revenue growth, record operating margins, OpenAI chip manufacturing engagement, and 190% Enterprise segment revenue guidance for Q3 — all backed by hardware order commitments from hyperscaler customers. Shopify (TSX:SHOP) — which had been navigating the CA$183 technical support level — benefits from the easing rate-hike environment but still faces the specific cross-border tariff risk to merchant GMV that September’s retaliatory schedules introduced. Constellation Software (TSX:CSU) continues its quiet compounding, adding modestly to gains in the week’s constructive sessions without generating the dramatic individual-name movements of BlackBerry or Celestica.
Risks to Watch
BlackBerry’s 3.6% Friday gain on raised guidance adds to its existing 128.9% year-to-date return, creating a valuation base — at 83.5x P/E — that demands continued execution. Any Q3 or Q4 operational miss would be met with amplified selling given the premium multiple. Celestica faces the same pattern: its October Q3 results — targeting 190% Enterprise revenue growth — are the next definitive test of whether the guidance trajectory is being met or has already been revised lower. Shopify’s exposure to cross-border merchant tariffs — effective September 8 and now expanded September 29 for additional product categories — will appear in gross merchandise volume data that investors should monitor for any Q3 deceleration. The October FOMC hike probability remains the sector’s primary macro risk.
What to Watch Next
BlackBerry’s next operational update — either through management commentary at upcoming investor conferences or through the Q3 fiscal 2027 results in December — will be the next confirmation of whether the raised fiscal 2027 guidance is tracking to plan. Celestica’s October Q3 results are the growth sector’s most important near-term earnings event. Shopify’s Q3 results — which will include the first full quarter of September 8’s tariff effects on cross-border merchant activity — will be the most important Shopify-specific data point of the autumn cycle. The Iran-U.S. naval agreement’s completion or breakdown will affect the discount rate environment for all growth equities through its impact on inflation expectations and FOMC probability.
Final Outlook
Canadian growth stocks close September 2026 with their strongest fundamental week of the month. BlackBerry’s raised guidance, Celestica’s continued 3%+ session, and the broader macro relief from Iran’s Hormuz diplomatic progress collectively provide a more constructive entry point into Q4 than September’s opening sessions suggested would be available. The underlying business quality — confirmed by Q2 results across the sector’s key names — has not deteriorated through September’s extraordinary macro volatility.
The growth stock investor’s challenge for Q4 is separating the continued fundamental delivery from the macro rate headwinds that will persist at least until the October FOMC meeting resolves whether the dot-plot’s second 2026 hike materialises.
Verdict: Cautiously constructive. BlackBerry’s raised guidance and Celestica’s AI hardware momentum are September’s most important growth stock confirmations. Quality long-term positions in BlackBerry, Celestica, and Constellation Software remain justified by earnings delivery. October FOMC clarity will determine whether the multiple environment improves further in Q4.
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