TSX Posts Record Intraday, Closing Highs

(RTTNews) - The Canadian market closed on a firm note on Tuesday thanks to strong gains in technology stocks after Shopify reported strong quarterly earnings and came up with encouraging revenue guidance.

The market ended higher despite weak commodity prices triggering some heavy selling in energy and materials sectors.

The benchmark S&P/TSX Composite Index, which rose to a new all-time high of 25,024.93, ended the session with a gain of 133.73 points or 0.54% at 24,923.01.

The Information Technology Capped Index climbed 6.38%. Shopify Inc (SHOP.TO) zoomed 21.5%. Shopify reported third-quarter revenue of US$2.16 billion, up from $1.71 billion a year earlier. The company said it expects fourth-quarter revenue to grow "at a mid-to-high-twenties percentage rate on a year-over-year basis."

Converge Technology (CTS.TO), Sylogist (SYZ.TO) and Lightspeed Commerce (LSPD.TO) gained 5.95%, 5% and 3.75%, respectively. Bitfarms (BITF.TO) rallied 2.75%.

Cronos Group Inc. (CRON.TO) soared more than 16%. The company reported third-quarter net income of US$7,324 million, as against a loss of US$1,590 million in the year-ago quarter.

Molson Coors Canada Inc (TPX.A.TO) jumped more than 8%. Primo Water Corporation (PRMW.TO) climbed 5.8%, Cameco Corporation (CCO.TO) gained 4.6% and Premium Brands Holdings (PBH.TO) gained 2.85%.

CCL Industries (CCL.B.TO), Metro Inc (MRU.TO), Waste Connections (WCN.TO) and George Weston (WN.TO) gained 1 to 2%, and Boyd Group Services (BYD.TO) advanced nearly 1%.

Atkins Realis Group (ATRL.TO) dropped about 6%. Nutrien (NTR.TO) closed down 3.6%. Franco-Nevada Corporation (FNV.TO), Cargojet (CJT.TO), Onex Corporation (ONEX.TO) and Bombardier Inc (BBD.B.TO) were among the notable losers in the session.