Shopify replaced by RBC as most valuable company on weakened tech sector

·1 min read

TORONTO — Shopify Inc. lost its crown as Canada's most valuable company as its total market capitalization from all classes of shares fell below Royal Bank amid the continued pullback by the technology sector.

The S&P/TSX composite index closed up 22.81 points at 18,651.10.

In New York, the Dow Jones industrial average climbed 199.42 points to 32,619.48. The S&P 500 index was up 20.38 points at 3,909.52, while the Nasdaq composite was up 15.79 points at 12,977.68.

The Canadian dollar traded for 79.33 cents US compared with 79.61 cents US on Wednesday.

The May crude oil contract was down US$2.62 at US$58.56 per barrel and the May natural gas contract was up 4.8 cents at nearly US$2.62 per mmBTU.

The April gold contract was down US$8.10 at US$1,725.10 an ounce and the May copper contract was down 8.6 cents at US$3.98 a pound.

This report by The Canadian Press was first published March 25, 2021.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press