Toronto market extends winning streak as Shopify jumps
Reuters
Published Oct 27, 2022 07:35AM ET
Updated Oct 27, 2022 05:42PM ET
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 (NYSE:SHOP) 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 (NYSE:TECK) 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.
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Written By: Reuters
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