Toronto market extends winning streak as Shopify jumps


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TORONTO — Canada’s main stock index rose on Thursday to its highest closing level in more than three weeks as shares of e-commerce giant Shopify surged after strong results, while heavily-weighted financials also gained ground.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 72.35 points, or 0.4% at 19,352.11, its fifth straight day of gains and its highest closing level since Oct. 4.

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The index rose despite losses for major U.S. benchmark the S&P 500. Investors on Wall Street were contending with solid economic data and a mixed bag of corporate earnings.

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Shopify Inc shares surged 17.1% after the company beat analysts’ estimates for quarterly revenue and reported a smaller-than-expected loss.

That helped push the technology index 3.9% higher, while financials advanced 0.5%.

Among stocks that lost ground was Teck Resources Ltd . It fell 5.1% as the company swung to a third-quarter loss, hurt by higher diesel costs and a downturn in copper prices.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7%, while energy ended 0.4% lower even as oil prices rose. (Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Alistair Bell)


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