Daily Wrap-Up: Shopify surge helps TSX gain

Shopify surge helps TSX gain... Shopify shares rise 13% as Q2 revenue soars... Air Canada profits reach record $300 million...

Daily Wrap-Up: Shopify surge helps TSX gain
Steve Randall
Shopify surge helps TSX gain
Earnings were in focus Tuesday and strong gains for Shopify and Air Canada were among the positive influences at work on the main TSX index.

IT and industrials led 7 sectors higher with energy, materials and utilities the exceptions. Oil prices stalled on reports of a rise in output from OPEC producers.

Wall Street also gained with the Dow closing at a record high. European and Asian markets also closed higher as earnings impressed investors.

The S&P/TSX Composite Index closed up 58.23 (0.38%)
The Dow Jones closed up 72.80 (0.33%)
Oil is trending lower (Brent $51.44, WTI $48.81 at 4.55pm)
Gold is trending higher (1274.80 at 4.55pm)
The loonie is valued at U$0.7974

Shopify shares rise 13% as Q2 revenue soars
A 75% surge in revenue at Canadian e-commerce giant Shopify delighted investors Tuesday, sending the Ottawa-based company’s stock soaring.

Although the $151.7 million in revenue was a huge jump, operating costs were also higher, up 83% on spending to gain market share. The firm has added high-profile clients including P&G and Tesla.

Net losses came in at $14 million (15 cents per share) rising from $8.4 million (10c) in Q2 2016 but was reduced to just 1 cent per share excluding one-time costs. Analysts had expected a 7 cent loss per share.

Air Canada profits reach record $300 million
Profits at Air Canada were up 61% in the second quarter of 2017, reaching a record $300 million compared to $186 million a year earlier.

Revenue was up almost $500 million on increased passenger numbers and traffic. Profits per diluted share rose to $1.08 from 66 cents a year earlier. On an adjusted basis it was 78 cents up from 72 cents.