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Sep 12, 2019

Shopify helps power TSX to new all-time high

Shopify helps power TSX to new record

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Canadian stocks climbed into uncharted territory Thursday.

The S&P/TSX Composite Index rose above its previous intraday record of 16,672.71 in early afternoon trading, to reach a new high of 16,696.40 points.

The single-biggest contributor to the record-run has been tech darling Shopify Inc., whose shares have climbed almost 60 per cent and added more than 100 points to the Composite Index since the previous record was set on Apr. 23.

Despite that meteoric run, 15 analysts tracked by Bloomberg still have Buy recommendations on Shopify, including Rosenblatt Securities, which has the highest 12-month price target at $638.96 per share.  

Here’s a snapshot of how the TSX’s subgroups have fared since Apr. 23:

• Info Tech: +19.6%

• Materials: +10.1%

• Utilities: +9.2%

• Consumer Staples: +6.7%

• Real Estate: +4.0%

• Communications Services: +2.8%

• Consumer Discretionary: 0.0%

• Industrials: -0.3%

• Financials: -0.3%

• Energy: -12.0%

• Health Care: -27.2%

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