Toronto Stocks Advance as Tech Stocks Lead; Shopify Shares Climb on 3Q Beat, Fiscal Year Guidance

By Adriano Marchese

Toronto stocks were higher in midday trading in large part due to gains in tech sectors following earnings from Shopify and Lightspeed Commerce. Except for distribution services, all sectors were trending higher, with finance tech services and consumer discretionary segments following tech's upward trajectory.

Canada's S&P/TSX Composite Index was recently 2.34% higher at 19524.80 and the blue-chip S&P/TSX 60 rose by 2.51% to 1174.37.

Shares in Shopify rose by 21% to 81.76 Canadian dollars ($59.01) after the company said it expects strong revenue growth in the fourth quarter to boost full-year sales after the Canadian cloud-based commerce platform reported a better-than-expected performance in its third quarter.

Other market movers:

Lightspeed Commerce shares advanced by over 16% to C$20.14 Thursday after the company beat expectations in its second fiscal quarter and raised its revenue guidance.

Colliers International Group's shares fell by 7.3% to C$119.07 after the Canadian professional services and investment management company's third-quarter earnings came in short of expectations and the company said it has scaled back its financial guidance for the year.

Gildan Activewear's shares rose 10% to C$42.58 after the clothing company logged better-than-expected earnings for the recent quarter.

Shares in Bombardier were over 10% higher at C$49.82 after the company reported better-than-expected revenue of $1.86 billion, beating last year's third-quarter revenue of $1.46 billion and analyst expectations for $1.73 billion. The company credited strong performance from its aftermarket business and higher deliveries.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

November 02, 2023 12:33 ET (16:33 GMT)

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