Shopify helps lift Toronto market to record high

By Fergal Smith

(Reuters) -Canada's main stock index rose to a record high on Tuesday as gains for technology shares, led by e-commerce company Shopify Inc (NYSE:SHOP ), offset pressure on resource shares due to a stronger U.S. dollar.

The S&P/TSX composite index ended up 133.73 points, or 0.5%, at 24,923.01, eclipsing the record closing high it notched last Thursday.

"Shopify has been a great performer. Expensive as can be, but yet the market doesn't seem to care based on valuation," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

Shares of Shopify jumped 21.4% after the company forecast fourth-quarter sales growth above estimates as a focus on employing AI-powered tools in its e-commerce services pulled in more merchants ahead of the crucial holiday season. The firm also topped market expectations for third-quarter revenue.

The technology sector was up 6.4%, one of only two major sectors to notch gains. The other was consumer staples, which added 0.9%.

"A strong dollar in the U.S., interest rates higher in the U.S., these are things that don't usually bode well for the Canadian markets based on commodities and oil," Small said.



The U.S. dollar climbed to a six-month high against a basket of major currencies, while the U.S. 10-year yield was up 12 basis points at about 4.43%.

The materials sector fell 1.5% as gold and copper prices fell. Energy was also down, losing 1.1%. The price of oil settled 0.1% higher after two days of sharp declines.

Source: Investing.com

Останні публікації
Dollar rises after claims data, bitcoin continues rally
21.11.2024 - 22:00
STOXX 600 snaps four-day losing streak on energy, tech boost
21.11.2024 - 19:00
Deere's profit beat overshadows tepid 2025 outlook, shares rise
21.11.2024 - 19:00
Dollar rises after claims data, bitcoin climb continues
21.11.2024 - 18:00
Deere forecasts weak annual profit as farm incomes sag
21.11.2024 - 15:00
US indictments scythe $27 billion off value of India's Adani Group firms
21.11.2024 - 13:00
Deere forecasts annual profit below estimates as farm equipment demand slumps
21.11.2024 - 13:00
Sterling sags as 'Trump bump' lifts dollar
21.11.2024 - 13:00
STOXX 600 drops for fifth day, Nvidia drags European chip stocks
21.11.2024 - 12:00
Dollar steady near recent highs; euro suffers more weakness
21.11.2024 - 12:00
US indictments scythe $34 billion from value of India's Adani Group firms
21.11.2024 - 11:00
Dollar buffered by Trump policy expectations; bitcoin surges
21.11.2024 - 11:00
Dollar stalls as market weighs Trump policies, Fed outlook; bitcoin surges
21.11.2024 - 10:00
European shares edge lower, tech stocks drag after Nvidia's disappointing forecast
21.11.2024 - 10:00
Asia FX weak, dollar near 1-yr high on doubts over Dec rate cut
21.11.2024 - 05:00

© Analytic DC. All Rights Reserved.

new
Аналіз ринку Як вплине завтра звіт NFP на курс долара США?