TORONTO — Shopify Inc. overtook the Royal Bank of Canada to become the country’s most valuable company after the company reported revenue growth and strong demand for its services, thanks in part to a boom in online shopping while Canadians practise physical distancing.
The S&P/TSX composite index closed up 19.18 points at 14,830.74 as Shopify’s market capitalization increased to nearly $121.3 billion after it shares rose almost 7%.
In New York, the Dow Jones industrial average was down 218.45 points at 28,664.64. The S&P 500 index was down 20.02 points at 2,848.42, while the Nasdaq composite was up 45.27 points at 8,854.39.
The Canadian dollar traded for 70.80 cents US compared with an average of 71.27 cents US on Tuesday.
The July crude oil contract was down 87 cents at US$25.62 per barrel and the June natural gas contract was down 19 cents at US$1.94 per mmBTU.
The June gold …