Oct 27 (Reuters) – Canada’s main stock index on Thursday hit a fresh one-month high as e-commerce firm Shopify surged after strong results, while higher crude lifted energy stocks.
Shopify Inc (SHOP.TO) shares jumped 17.7% and were on course for their best day in more than seven years, after it beat analysts’ estimates for quarterly revenue and reported a smaller-than-expected loss. read more
The broader technology index (.SPTTTK) rose 4.6% to lead sectoral gains.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) was up 0.88% at 19,450.08, its strongest level since Sept. 21, as of 10:56 a.m. ET (1456 GMT).
Energy stocks (.SPTTEN) gained 1% as oil prices rose on optimism over record U.S. crude exports and waning recession fears.
Wall Street’s main indexes gained ground on Thursday after data showed the world’s largest economy grew more than expected in the third quarter, easing some concerns about an imminent recession as central banks across the globe hike interest rates. read more
Global stocks rose on Wednesday after the Bank of Canada announced a smaller-than-expected rate hike and said it was getting closer to the end of its historic tightening campaign. read more
Teck Resources Ltd (TECKb.TO) fell 4.4% after the Canadian miner said it had agreed to sell its stake in the Fort Hills oil sands project to Suncor Energy Inc (SU.TO).
Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Vinay Dwivedi
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Read More: TSX hits fresh one-month high as Shopify shines, energy stocks rise