TSX Hits Record High on Shopify's Record Run
The Toronto Stock Exchange (TSX) has surged this week, adding 2.4% and marking its sixth consecutive day of gains. The index closed at a record high, despite a soft domestic economy and downbeat economic data.
The technology sector led the rally, rising 1.5%. Shopify, the e-commerce giant, was the standout performer, with its shares jumping 6.5%. This pushed Shopify's stock to an all-time closing high of $219.47, surpassing its previous intraday peak and analysts' average 12-month target price.
The Bank of Canada's recent interest rate cut to 2.50%, a three-year low, did not deter investors. Money market pricing even suggests further easing this month. The TSX gained 311.09 points, reaching a new high of 30,471.68. Meanwhile, eight OPEC countries are set to raise oil output, which could potentially impact energy stocks.
Shopify's record-breaking performance, coupled with the TSX's overall strength, signals investor confidence despite economic headwinds. The TSX's sixth straight day of gains, culminating in a record high, reflects a resilient market. However, the impact of potential OPEC production increases remains to be seen.
