Home U.S. NewsUS and World NewsToronto market extends winning streak as Shopify jumps

Toronto market extends winning streak as Shopify jumps

by Reuters

TORONTO (Reuters) – Canada’s main stock index rose on Thursday to its highest closing level in more than three weeks as shares of e-commerce giant Shopify surged after strong results, while heavily-weighted financials also gained ground.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 72.35 points, or 0.4% at 19,352.11, its fifth straight day of gains and its highest closing level since Oct. 4.

The index rose despite losses for major U.S. benchmark the S&P 500. Investors on Wall Street were contending with solid economic data and a mixed bag of corporate earnings.

Shopify Inc shares surged 17.1% after the company beat analysts’ estimates for quarterly revenue and reported a smaller-than-expected loss.

That helped push the technology index 3.9% higher, while financials advanced 0.5%.

Among stocks that lost ground was Teck Resources Ltd. It fell 5.1% as the company swung to a third-quarter loss, hurt by higher diesel costs and a downturn in copper prices.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7%, while energy ended 0.4% lower even as oil prices rose.

(Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Alistair Bell)

tagreuters.com2022binary_LYNXMPEI9Q0HC-BASEIMAGE

You may also like

You can't access this website

Shore News Network provides free news to users. No paywalls. No subscriptions. Please support us by disabling ad blocker or using a different browser and trying again.