Shopify returned to the top of the TSX thanks to a resounding 470-per-cent rally since 2022.Justin Tang/The Associated Press
When Shopify Inc.’s SHOP-T share price rallied earlier this month on upbeat quarterly financial results, the e-commerce software giant moved past Royal Bank of Canada to take the top spot, if only briefly, as Canada’s most valuable company.
Uh oh?
Anyone who has followed the comings and goings of Canadian mega-cap stocks might have noticed a peculiar trend: Usurpers to RBC’s top-dog status over the years tend to fare poorly soon after they ascend to the top rung of the S&P/TSX Composite Index.
Nortel Networks Inc., Research In Motion Ltd. (now BlackBerry Ltd.), Valeant Pharmaceuticals International Inc. (now Bausch Health Cos. Inc.), Barrick Gold Corp. (now Barrick Mining Corp.) and Potash Corp. of Saskatchewan Inc. (now part of Nutrien Ltd.) all hit No. 1 at one point or another…
