The Globe and Mail reports in its Tuesday edition that
Canada does not have a Magnificent Seven, but the Toronto Stock Exchange still boasts some decent technology players. Globe columnist Gordon Pape writes that one of these is Shopify, with a market cap of $112-billion (all figures U.S.). That makes it a flea compared with the Magnificent Seven group of tech titans, which have market caps ranging from $616-billion (Tesla) to $3-trillion (Microsoft).
Although it is small by comparison, Canada's information technology sector is performing well. Over the past year, the S&P/TSX Capped Information Technology Index has gained 44 per cent. Year-to-date it is up 10.3 per cent.
Shopify is obviously one of the leaders, with a year-to-date gain of 18.37 per cent after more than doubling in price in 2023. Mr. Pape first recommended it in his Internet Wealth Builder newsletter in February, 2018, at a split-adjusted price of $28.30 (Canadian). It closed Friday at $122.11 (Canadian).
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