Shopify SHOP stock, one of the most widely held companies in Canada, skyrocketed 21% on Tuesday following its third-quarter earnings report, and in the process giving a big boost to some mutual funds and exchange-traded funds with big holdings of the ecommerce firm’s shares.
Shopify stock rose C$26.89, closing at C$152.26, clocking the biggest intraday surge in over a year, fueled by better-than-expected revenue and a cheery forecast for the upcoming holiday shopping season.
Shopify is up more than 15% for the year to date, as of Nov. 12. The stock’s rally pushed the S&P/TSX Composite Index past the 25,000 mark for the first time, reaching a new record.
Leading Canadian ETFs with significant Shopify exposure surged alongside stock’s rally today. The iShares S&P/TSX Capped Info Tech ETF closed at C$67.05, up C$3.76, or 5.94%, while the iShares Canadian Growth ETF rose 2.52% to close at C$56.46. The BMO MSCI Canada ESG Leaders ETF…
