CANADA STOCKS-TSX hits record high as Shopify becomes index's most valuable stock

By Fergal Smith

TORONTO, Aug 6 (Reuters) - The Toronto stock market climbed on Wednesday to a new record high, as Shopify took over as Canada's most valuable publicly traded company after the e-commerce firm reported quarterly results that impressed investors, sending its shares soaring.

The S&P/TSX composite index .GSPTSE ended up 350.79 points, or 1.3%, at 27,920.87, exceeding the record closing high it posted on Tuesday.

"All the heavy lifting is being done by one stock today, and that's Shopify," said Mike Archibald, a portfolio manager at AGF Investments. "The numbers were astonishing - an absolute blowout quarter."

Shopify Inc SHOP.TO reported second-quarter results that beat estimates and forecast upbeat revenue for the third quarter, saying there was no slowdown in consumer demand yet and sellers on its platform are holding up well under tariff pressures. Its shares ended 21.5% higher in a move that lifted the company's market capitalization to roughly C$277 billion ($201.63 billion), surpassing that of Royal Bank of Canada RY.TO.

The technology sector climbed 5.1%, while financials added 0.4% and the materials group, which includes metal mining shares, ended 0.6% higher.

Shares of SSR Mining SSRM.TO jumped 17.1% after the company beat second-quarter profit expectations.

Industrials were a drag, losing 0.6%.

Thomson Reuters TRI.TO reported higher revenue for the second quarter, during which it launched new AI features in its tax and accounting and legal divisions. The shares ended down 10.1%, however, with some analysts disappointed the company did not raise its financial guidance.

Energy also lost ground, falling 0.5%, as the price of oil CLc1 settled 1.2% lower at $64.35 a barrel.

($1 = 1.3738 Canadian dollars)