TSX hits record high; Shopify jumps on upbeat revenue forecast

Canada's main stock index hit a record high on Wednesday, led by technology shares, with Shopify SHOP rising 20.6% after its quarterly results as investors bought the market dip.

The S&P/TSX composite index TSX rose 1.4% to 27,940 points by 10:10 ET (0210 GMT), surpassing Tuesday's record high.

Shopify shares jumped to the top of the index after the e-commerce platform forecast third-quarter revenue above estimates, boosted by strong demand from retailers despite tariff-led uncertainty. Technology stocks TTTTK added 5.3%.

"Canadian companies continue to do well and I would just point to Shopify. If you look at their results, they outperformed over the past three months." said Robert Gill, portfolio manager at Fairbank Investment Management.

"(Shopify) beat estimates this morning with double-digit revenue growth and earnings growth and I think that this can help set the tone for the broader market sentiment going forward."

Energy stocks TTEN were also among the top gainers, adding 1.2%.

Financial stocks (.SPTTFS) were marginally up, with Brookfield Asset Management BAM posting strong second-quarter results, sending shares up 3.5%.

However, Sprott's stock SII fell 5.9% after the asset manager's second-quarter results.

Gold miner shares rose 0.6%, with SSR Mining SSRM gaining 14.7% after the company beat second-quarter profit expectations. Orla Mining OLA and Aura Minerals ORA rose 3.3% and 2.8%, respectively.

Among individual stocks, Premium Brands PBH added 7.3% after beating second-quarter revenue estimates.

Conversely, Thomson Reuters TRI fell 9.3%, ranking among the top decliners despite reporting higher second-quarter revenue.

Finning International FTT lost 10.9% after its second-quarter revenue missed estimates.

Dayforce DAY shares also fell 4.5% despite the software company raising its annual revenue forecast.

Meanwhile, Toronto home sales posted their biggest rise in nine months for July, with prices edging lower, according to Toronto Regional Real Estate Board data.

Canadian ministers held a "productive" meeting with Mexican President Claudia Sheinbaum, Canada's top diplomat said, as the two nations prepare to navigate U.S. President Donald Trump's shifting trade and tariff policies.