Canada Stocks-TSX hits record high as Shopify and metal miners surge

Canada's main stock index notched another record high on Wednesday, led by sharp gains for metal mining shares as well as for the shares of Shopify after the e-commerce company delivered a strong outlook and market-beating quarterly results.

The Toronto Stock Exchange's S&P/TSX Composite index ended up 344.83 points, or 1%, at 36,146.42, surpassing Tuesday's record closing high.

• "Shopify is obviously a bellwether for tech in Canada," said Allan Small, senior investment adviser of the Allan Small Financial Group with iA Private Wealth. "When these companies report good earnings ... it adds to this idea that tech companies are still doing well, that the AI spend is not stopping."
• Shopify shares jumped 16.5% to the highest level since January 19. The company issued a rosy third-quarter forecast as its AI efforts draw more merchants to a suite of e-commerce services, assuaging fears over growing competition.
• The broader technology index advanced 2.5%, while the materials group added 5.6%, marking its second straight day of sharp gains. The price of gold was up 4.2% to trade at its highest level in nearly seven weeks.
• Consumer discretionary rose 1.3% and heavily weighted financials ended 0.4% higher.
• iA Financial shares gained 2.8% after the provider of insurance products and wealth management services topped quarterly core earnings estimates.
• Four of the 10 major sectors ended lower, including energy, which fell 3%. The price of oil settled 0.7% lower at $75.22 a barrel on revived expectations of a de-escalation in Iran war hostilities that could restore shipping traffic in the Strait of Hormuz.
• Suncor Energy beat second-quarter adjusted profit estimates as higher crude price realizations and stronger refining margins offset weaker upstream production. Still, its shares ended 2.9% lower.