Baystreet.ca - Canada's main stock index hit another record on Tuesday, supported by the technology sector as Shopify (TSX:SHOP)'s shares jumped more than 20% after the company posted strong quarterly results.
The TSX gained 133.73 points to close Tuesday at 24,923.01.
The Canadian dollar slid 0.09 cents to 71.74 cents U.S.
Canada's materials sector remained in focus as gold and copper prices fell over 1% to a two-month low on a stronger dollar.
The energy sector also drew attention as oil prices edged higher, with investors awaiting OPEC's monthly report for further price direction. However, disappointment over China's latest stimulus plan and oversupply concerns limited gains.
In corporate news, Warehouse landlord Segro (LON:SGRO) would buy six Tritax EuroBox properties in Germany and the Netherlands for 470 million euros ($499.1 million U.S.) as part of a deal with Brookfield Asset Management (TSX:BAM) Ltd.
Brookfield shares lost $1.13, or 1.4%, to $79.35.
The information technology sector rose to a record high as Shopify jumped $27.10, or 21.5% to $152.47.
Shopify forecast fourth-quarter revenue growth above estimates, as its focus on employing AI-powered tools attracted more merchants to its e-commerce services ahead of the holiday season.
Elsewhere in techs, Converge Technologies gathered 21 cents, or 6%, to $3.74.
In consumer staples, Primo Water (TSX:PRMW) scaled $1.82, or 5.2%, to $37.18, while Premium Brands (TSX:PBH) hiked $2.25, or 2.9%, to $79.95.
Gold stocks pressed things down, though, as Equinox Gold (TSX:EQX) dipped 28 cents, or 3.7%, to $7.26, while Seabridge Gold (TSX:SEA) waned 69 cents, or 3.3%, to $20.51.
In materials, Algoma Steel (TSX:ASTL) moved lower 78 cents, or 4.8%, to $15.55, while Calibre Mining (TSX:CXB) shed six cents, or 2.8%, to $2.12.
Energy also pointed downward, with Vermilion Energy (TSX:VET) off 38 cents, or 2.8%, to $13.13, while Peyto Exploration (TSX:PEY) falling 31 cents, or 2%, to $15.24,
On the economic plate, building permits increased by $1.3 billion (+11.5%) to $13.0 billion in September.
ON BAYSTREET
The TSX Venture Exchange lost 3.69 points to 597.70.
Still, all but two of the 12 subgroups were lower on the day, weighed most by gold, down 1.9%, materials, sliding 1.8%, and energy, off 1.4%
Information technology was in the green Tuesday, by 6.4%, while consumer staples prospered 0.6%.
ON WALLSTREET
The S&P 500 pulled back on Tuesday, on pace to end a four-day run that saw stocks advance to record highs after the U.S. presidential election.
The Dow Jones Industrial index weakened 382.15 points to 43,910.98.
The much broader index dipped 17.36 points to 5,983.99.
The NASDAQ slid 44.99 points to 19,253.77.
Shares of Tesla (NASDAQ:TSLA), which have advanced 31% since Election Day, sank roughly 5%, while Trump Media & Technology Group fell 7%. The stock is down 9% since Trump’s victory.
Tuesday’s action comes a day after the Dow closed above 44,000 for the first time. The S&P 500 also had its first close above 6,000. The trading has reflected investor optimism that Donald Trump’s return to the White House could bring both lower taxes and looser regulations, and ultimately serve as a boon to the broader market.
The bond market reopened after Veterans Day, prices fell, driving yields up 4.43% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices docked two cents to $68.02 U.S. a barrel.
Prices for gold dipped $10.80 an ounce to $2,606.90 U.S.