TSX Hits Record High as Shopify Surges 17% on Earnings

Earnings

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Summary · why it matters

The S&P/TSX Composite Index rose to a new record high on Wednesday, climbing 367.80 points or 1.03% to 36,169.39 after touching an intraday peak of 36,443.29. The advance was driven by strong gains in materials, technology, and consumer discretionary sectors, while energy, industrials, and consumer staples stocks limited the upside. Shopify shares surged 17% after the company reported second-quarter net income of $1,502 million, up from $906 million a year earlier, and forecast third-quarter revenue growth at a low-thirties percentage rate. The Materials Capped Index jumped nearly 6%, with Eldorado Gold soaring 12% and several gold and silver miners posting gains of 8% to 9.5%. Other notable movers included RB Global, which soared 14% on a net income rise to $132 million, and iA Financial Corporation, which gained 3.3% after net income attributable to common shareholders increased 20% to C$384 million.