FX.co ★ TSX Posts Record Intraday, Closing Highs

On Tuesday, the Canadian market experienced a positive close, largely driven by significant advances in technology stocks following Shopify's release of strong quarterly earnings and optimistic revenue forecasts. Despite this upward trend, weaker commodity prices led to notable selling pressures in the energy and materials sectors.

The primary market indicator, the S&P/TSX Composite Index, reached a new record high of 25,024.93, ultimately closing the session at 24,923.01, marking an increase of 133.73 points or 0.54%.

The Information Technology Capped Index saw a significant rise of 6.38%, with Shopify Inc (SHOP.TO) surging 21.5%. Shopify announced a third-quarter revenue of US$2.16 billion, an increase from US$1.71 billion in the same period the previous year, and projected fourth-quarter revenue growth in the mid-to-high twenties in terms of percentage year-over-year.

Other notable performers included Converge Technology (CTS.TO), Sylogist (SYZ.TO), and Lightspeed Commerce (LSPD.TO), which rose by 5.95%, 5%, and 3.75%, respectively. Bitfarms (BITF.TO) saw a 2.75% increase.

In other sectors, Cronos Group Inc. (CRON.TO) surged by more than 16%, reporting a third-quarter net income of US$7,324 million, a significant turnaround from a US$1,590 million loss in the same quarter last year. Molson Coors Canada Inc (TPX.A.TO) saw gains exceeding 8%, Primo Water Corporation (PRMW.TO) climbed 5.8%, Cameco Corporation (CCO.TO) gained 4.6%, and Premium Brands Holdings (PBH.TO) increased by 2.85%.

Additionally, CCL Industries (CCL.B.TO), Metro Inc (MRU.TO), Waste Connections (WCN.TO), and George Weston (WN.TO) posted gains in the range of 1% to 2%, with Boyd Group Services (BYD.TO) advancing almost 1%.

Conversely, Atkins Realis Group (ATRL.TO) experienced a decline of approximately 6%, with Nutrien (NTR.TO) closing down by 3.6%. Franco-Nevada Corporation (FNV.TO), Cargojet (CJT.TO), Onex Corporation (ONEX.TO), and Bombardier Inc (BBD.B.TO) were notable decliners in the day's trading session.