Canada’s main stock index hit a record high on Tuesday, boosted by the technology sector that offset broader market losses as Shopify’s shares rose on upbeat quarterly results.
The S&P/TSX composite index was up 175.35 points, or 0.71%, at 24,964.63.
The information technology sector rose 6.9% to a record high as Shopify jumped 24.8% to its highest since January 2022.
Shopify forecast fourth-quarter revenue growth above estimates, as its focus on employing AI-powered tools attracted more merchants to its e-commerce services ahead of the holiday season.
In contrast, the materials sector fell 1.4% as gold prices dipped 1% to their lowest levels in nearly two months after the U.S. dollar soared, while lower copper prices also weighed.
At least 10 sectors on the index nursed losses, with technology being the only outlier.
“We are seeing growth in stocks like Shopify,” said Shiraz Ahmed, senior portfolio manager and founder of…
