Shopify, Air Canada Help TSX Index Post Modest Gains
Canada's main stock index posted modest gains as shares of Shopify and Air Canada rallied.
The $S&P/TSX Composite Index (.SPTSX.CA)$ rose 0.04% to close at 21,796.09 on Wednesday. The gauge swung between gains and losses amid the push and pull between metal producers and energy stocks. The blue chip $S&P/TSX 60 Index (.TX60.CA)$slipped 0.03% to 1301.77.
$Air Canada (AC.CA)$ climbed 5.4% to C$17.54, helping the broader market close in positive territory after the company said it will start weekly flights from Quebec City to Tulum, Mexico's newest airport in the Yucatan Peninsula beginning Dec. 3. It also announced it will resume non-stop services from Québec City for winter 2024-25 to popular sun destinations: Orlando, Fort Lauderdale, Punta Cana and Cancun.
The additional flights are planned just as the latest Canadian consumer price index show airlines continue to enjoy their pricing power. Air transportation rose 2.3% in May from a month earlier and 4.5% from a year ago, according to Statistics Canada.
$Shopify Inc (SHOP.CA)$ gained 1.03% to C$86.67 after Citigroup raised its price target on the company's U.S.-listed shares to $96, from $95 and maintained its buy rating.
(To see Shopify's options chain, click here: futumm://derivatives/options?marketId=2&symbol=shop)
$Barrick Gold Corp (ABX.CA)$ gained 1.6%, while rose 0.7%. $Suncor Energy Inc (SU.CA)$ lost 0.9% and $TC Energy Corp (TRP.CA)$ declined 1.3%.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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