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A growth stock, a recovering giant, and a steady riser lead the TSX’s large-cap gainers in 2023. Let’s take a closer look.
Shopify: Top TSX stock in strong rebound
Canadian e-commerce giant Shopify (TSX:SHOP) pulled off a strong recovery in 2023 to reclaim its position as the third-largest TSX stock by market capitalization this year. Shopify stock price has more than doubled so far in 2023. The top growth stock’s strong 120% gain to reach a $125 billion market cap leads the top-performing charts for large-cap Canadian stocks by a wide margin.
Why did Shopify stock rise sharply in 2023? An aggressive cost-cutting strategy reduced the company’s workforce by 20%, lowered operating costs, and helped return the business to sustainable operating cash flow generation. An exit from a loss-leading logistics business line also created a leaner and more cost-efficient Shopify. The strong demand for the…
