Shopify, Suncor power TSX's rebound; U.S. markets also rise
BNN Bloomberg
Strong gains by Canada's most valuable company as well as oil giant Suncor Inc. powered the S&P/TSX composite index to its best performance in nearly five months as it rebounded from Wednesday's drop.
TORONTO -- Strong gains by Canada's most valuable company as well as oil giant Suncor Inc. powered the S&P/TSX composite index to its best performance in nearly five months as it rebounded from Wednesday's drop.
“Of course when Shopify itself is up seven per cent and it's such a big weight in the TSX it does have some material move forward,'' said Kevin Headland, senior investment Strategist at Manulife Investment Management.
The Ottawa-based technology company's shares got a lift as quarterly losses weren't as bad as expected and it offered good guidance.
Shopify also pointed to increases in offline shopping even as online sales eased.
“That's been actually positive for markets, realizing it's not just online business, it's not just a pandemic-induced situation that has benefited Shopify,'' Headland said in an interview.
Lightspeed Commerce shares climbed 6.7 per cent to help push the technology sector up 3.1 per cent.
