The Globe and Mail reports in its Tuesday edition that Shopify's stock surged more than 13 per cent in Monday morning trading after Nasdaq announced the e-commerce company would join its 100 Index on May 19. The Globe's Irene Galea writes that the tech-heavy benchmark tracks the 100 largest non-financial companies listed on the exchange. Shopify's inclusion is expected to increase institutional investment in the company, as index-tracking funds must adjust their holdings to include Shopify. "We think it's positive in that it should increase the demand and liquidity [because] a wider range of funds tracking that index would need to buy shares. Beyond that, we think it also elevates the company's profile with investors," said National Bank analyst Richard Tse said in a statement. In a note Monday, RBC analyst Paul Treiber said the inclusion was likely to result in greater liquidity in the shares, and may result in a share price premium relative to peers which are not included in the index. In February, Shopify named a new U.S. executive office in securities filings for the first time and made several changes to its reporting format, suggesting it was positioning its shares to be included in major U.S. stock indexes.