06-08-2025
TSX hits record high; Shopify jumps on upbeat revenue forecast
Aug 6 (Reuters) - Canada's main stock index hit a record high on Wednesday, led by technology shares, with Shopify ( opens new tab rising 20.6% after its quarterly results as investors bought the market dip.
The S&P/TSX composite index (.GSPTSE), opens new tab rose 1.4% to 27,940 points by 10:10 ET (0210 GMT), surpassing Tuesday's record high.
Shopify shares jumped to the top of the index after the e-commerce platform forecast third-quarter revenue above estimates, boosted by strong demand from retailers despite tariff-led uncertainty. Technology stocks (.SPTTTK), opens new tab added 5.3%.
"Canadian companies continue to do well and I would just point to Shopify. If you look at their results, they outperformed over the past three months." said Robert Gill, portfolio manager at Fairbank Investment Management.
"(Shopify) beat estimates this morning with double-digit revenue growth and earnings growth and I think that this can help set the tone for the broader market sentiment going forward."
Energy stocks (.SPTTEN), opens new tab were also among the top gainers, adding 1.2%.
Financial stocks (.SPTTFS), opens new tab were marginally up, with Brookfield Asset Management posting strong second-quarter results, sending shares up 3.5%.
However, Sprott's stock ( opens new tab fell 5.9% after the asset manager's second-quarter results.
Gold miner shares rose 0.6%, with SSR Mining ( opens new tab gaining 14.7% after the company beat second-quarter profit expectations. Orla Mining ( opens new tab and Aura Minerals rose 3.3% and 2.8%, respectively.
Among individual stocks, Premium Brands ( opens new tab added 7.3% after beating second-quarter revenue estimates.
Conversely, Thomson Reuters ( opens new tab fell 9.3%, ranking among the top decliners despite reporting higher second-quarter revenue.
Finning International ( opens new tab lost 10.9% after its second-quarter revenue missed estimates.
Dayforce shares also fell 4.5% despite the software company raising its annual revenue forecast.
Meanwhile, Toronto home sales posted their biggest rise in nine months for July, with prices edging lower, according to Toronto Regional Real Estate Board data.
Canadian ministers held a "productive" meeting with Mexican President Claudia Sheinbaum, Canada's top diplomat said, as the two nations prepare to navigate U.S. President Donald Trump's shifting trade and tariff policies.
