11 months ago
TSX Hits Record Highs as Shopify Surges
Canada's stock market hit a new record high on Friday because of a big jump in the price of Shopify, an online store company.
Even though some economic news wasn't so good, investors still bought stocks.
The index went up 1% on Friday and 2.4% for the week.
Shopify shares did especially well, going up 6.5%, reaching an all-time high.
This might be because people are excited about anything related to AI.
Even though Canada's service industry wasn't doing well, the market overall did great.
Oil prices went up a little, too, helping the energy sector.
The S&P/TSX composite index reached a record high.
Shopify shares surged 6.5%, hitting record highs.
The TSX gained 1% on Friday.
The index increased 2.4% for the week.
Canada's service economy contracted in September.
- Who
- S&P/TSX composite index and Shopify
- What
- Reached a record high
- Where
- Toronto
- When
- October 3rd
- Why
- Shopify's share increase and despite downbeat economic data.
Positive Factors
Negative Factors
Market Performance
Positive Factors
Stock Market rose, hitting record highs.
Negative Factors
Canada's service sector contracted in September.
Key facts
- Index Closing Value
- 30,471.68
- Index Weekly Change
- 2.4% increase
- Shopify Share Increase
- 6.5%
- Oil Price
- $60.88/barrel
- Technology Sector Change
- 1.5% increase
Quotes
Elvis Picardo
a portfolio manager at Luft Financial, iA Private Wealth
“From a big picture point of view, we seem to be back to a situation where bad news for the economy is good for the markets.”
livemint.com
“On the Canadian side, we had pretty soft data but that was shrugged aside.”
livemint.com
