Canada’s benchmark stock index posted its biggest one-day jump in nearly a year, rebounding from a late October slump as tech shares rallied.
The S&P/TSX Composite index ended the trading day 2.9 per cent higher at 19,626.34 points on Thursday, marking the largest gain since Nov. 10, 2022. Shopify, Inc., Lightspeed Commerce Inc. and Dye & Durham Ltd were among the top tech advancers for the index, with increases ranging from 12 per cent to 21 per cent as of 4 p.m. Toronto time.
The index was up for a fourth-straight session, helping the gauge to regain most of the ground lost last month amid declines in heavyweight sectors including financials. It also lifted the index back into the green for the year.
Shopify on Thursday topped the list of index gainers after the cloud-based commerce platform’s revenue beat analyst expectations in the third quarter. Similarly, Lightspeed Commerce surged after revenue exceeded expectations and it raised revenue guidance for 2024.
Bloomberg Intelligence analyst Gillian Wolff pointed to tech names as one of the index’s biggest equities drivers in an Oct. 2 note. Despite a hawkish central bank and decades-high interest rates, these tech names have posted stronger-than-expected earnings.
The post Canada stocks rally the most in nearly a year, led by advances in tech shares appeared first on Bloomberg.