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TSX Today: Markets Gain While Shopify Stock Falls Over 5%

TSX

The S&P/TSX Composite Index rose 0.55% on May 3. However, shares of Canada’s largest company in terms of market cap, Shopify fell 5% today. Shopify stock is now down 26% below its record high despite posting stellar Q1 results last week.

The other top losers on the TSX were Canopy Growth stock that fell 5.4% and Ballard Power Systems that fell 7.5%.

Stock markets might witness a correction warns BofA analyst

According to a research report from the Bank of America, stock markets are trading near record levels and might undergo a correction soon. The report states, “Increasingly euphoric sentiment is a driver of our more cautious outlook as we believe that vaccine deployment, economic reopening, stimulus, etc. are largely priced in.”

Calgary housing sales soar 462% year over year

The Calgary Real Estate Board said home sales in April stood at 3,209 which was 462% higher than the prior-year period where home sales were just 571. The spike in housing sales in 2021 can be attributed to the economic lockdowns imposed in Canada last year which led to a massive decline in April 2020.

Average housing prices in Calgary also stood at $451,400 in April compared to $413,200 in the same period in 2020.

More heat for cannabis stocks

The OCS or Ontario Cannabis Store is going to accept fewer deliveries from Canadian pot producers in May in order to curb the number of COVID-19 infections. Ontario is Canada’s largest marijuana market which means there is a good chance cannabis sales for pot producers will be lower than expected in Q2.

Daffyd Roderick, senior director of communications at the OCS said, “Like all operators in the retail sector, necessary public health measures in our warehouse facility to manage COVID-19 and keep workers as safe as possible have reduced the speed with which we are able to receive new deliveries from our licensed producer partners.”

He added, “We are still receiving orders from [licensed producers] on a daily basis, we are just not able to do the same volume as we can under normal operations.”

Bitcoin ETF

The Purpose Bitcoin ETF is up by a marginal 0.3% today at $10.54. This Canadian bitcoin fund was launched on February 19, 2021, when it closed trading at $10.55.


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