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TSX ends up 0.2% at 20,585.15
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Shopify rallies to a 13-month high
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Technology ends 1.9% higher
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Consumer discretionary gains nearly 1%
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By Fergal Smith
May 8 (Reuters) - Canada's main stock index rose on
Monday to its highest closing level in one week, helped by gains
in the consumer discretionary sector and shares of e-commerce
company Shopify Inc .
The Toronto Stock Exchange's S&P/TSX composite index ended up 43.12 points, or 0.2%, at 20,585.15, its
highest closing level since May 1.
It follows a gain of 1.5% on Friday as data showed Canada's
economy adding more jobs than expected
"Nice follow-through from Friday's move," said Mike Archibald, a portfolio manager at AGF Investments. "The positioning in the market is very overweight to cash and underweight to equities and all those things present a fairly good opportunity for money to move itself back into the equity markets." Investors were awaiting U.S. inflation data on Wednesday for clues on the Federal Reserve policy outlook as well as a heavy slate of Canadian corporate earnings throughout the week. Shopify shares rose 3.7% to the highest since April 2022 as several analysts raised their price targets on the stock. BlackBerry Ltd shares added to their recent gains, advancing 5.7%. The technology sector rose 1.9%, while consumer discretionary was up nearly 1%. Meanwhile, Canaccord Genuity Group Inc shares slumped 13.2% after a management-led group, which has offered to take the company private, gave no assurance of completing its C$1.13 billion ($850 million) deal due to delays in securing regulatory approvals. (Reporting by Fergal Smith in Toronto and Shashwat Chauhan in Bengaluru; Editing by Shilpi Majumdar, Shweta Agarwal and Richard Chang)
