Shopify Inc. (TSX:SHOP) is now officially Canada’s third most valuable company.
A rally in Shopify.’s share price has made the Ottawa-based e-commerce retailer the third-largest company in Canada. Shopify’s share price closed last Friday at a record high $831.52.
Shopify shares soared 10% on Friday after its Chief Technology Officer Jean-Michel Lemieux Tweet that the company was handling "Black Friday level traffic every day!" as it brings "thousands" of businesses online.
Friday’s rise extended a seven-day surge that saw Shopify’s stock price increase almost 50%, giving it a market value of $92 billion. That put Shopify, which provides tools for companies to sell over the internet, behind only Royal Bank of Canada (TSX:RY) and Toronto-Dominion Bank (TSX:TD) as the biggest companies in Canada’s stock market.
Shopify is now more valuable than Canadian companies and brands that have been around for decades, including Brookfield Asset Management Inc. (TSX:BAM.A), Enbridge Inc. (TSX:ENB), Canadian National Railway Co. (TSX:CNR) and Bank of Nova Scotia (TSX:BNS).
With more consumers moving online due to the coronavirus pandemic, Shopify is getting a leg up while retail shopping malls and office towers are seeing their value hammered.
Tech Insider
