TORONTO – The technology sector propelled North American stock markets to a positive start to September with Shopify Inc. hitting a record high on the TSX.
Canada’s largest company by market capitalization surged 6.7 per cent, as the sector climbed 3.8 per cent overall, with Kinaxis Inc. up 7.9 per cent and BlackBerry Ltd. nearly 7.1 per cent higher.
In the U.S., the S&P 500 and the Nasdaq composite closed at record highs as shares of Netflix Inc., Apple Inc. and Zoom Video Communications Inc. rose.
A continued surge for technology was one of the main themes Tuesday, said Kevin McLachlan, portfolio manager at Fiduciary Trust Canada, part of Franklin Templeton Canada.
“These companies were less affected by the pandemic lockdowns and the economic slowdown and as a matter of fact, their businesses have in many cases benefited because people are using technology…to continue to work from home, to connect