Home » TSX Today: Shopify Stock Falls 3% As Market Remains Rangebound

TSX Today: Shopify Stock Falls 3% As Market Remains Rangebound

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The S&P/TSX Composite Index rose marginally by 0.15% today. However one of the largest Canadian companies- Shopify (TSX:SHOP)(NYSE:SHOP) fell more than 3% today. Now, Shopify stock is trading 31% below its record highs.

The TSX gained 28.04 points today while the other high-growth tech stocks on the index such as Lightspeed and Docebo, fell by 3.48% and 5.68%, respectively.

How did Canadian blue-chip stocks perform today?

While Shopify stock continued its downward spiral, let’s see how other Canadian blue-chip stocks performed today.

Royal Bank of Canada (TSX:RY) stock rose 1%

Toronto Dominion Bank (TSX:TD) stock rose 1.45%

Enbridge (TSX:ENB) stock fell 1.6%

Canadian National Railway (TSX:CNR) stock rose 0.45%

Bank of Nova Scotia (TSX:BNS) stock rose 1.38%

Brookfield Asset Management (TSX:BAM) stock rose 1.8%

Bank of Montreal (TSX:BMO) stock rose 2.52%

Canadian Pacific Railway (TSX:CP) stock rose 2.8%

TC Energy (TSX:TRP) stock fell 0.54%

CIBC (TSX:CM) stock rose 1.45%

How did Canadian cannabis stocks perform today?

The Horizons Marijuana Life Sciences Index ETF or HMMJ fell 2.36% today. Let’s see how the largest cannabis companies performed on May 12.

Canopy Growth (TSX:WEED) stock fell 3.17%

Aurora Cannabis (TSX:ACB) stock fell 4.18%

Cronos Group (TSX:CRON) stock rose 0.8%

Hexo (TSX:HEXO) stock fell 3.66%

OrganiGram (TSX:OGI) stock fell 3.27%

How did cryptocurrencies perform today?

Soon after Tesla CEO Elon Musk targeted Bitcoin in a tweet that outlined the cryptocurrencies large mining cost, digital currencies experienced a sell-off. Bitcoin is now trading at US$50,116 which is 20% below its record high. Comparatively. Ethereum and Dogecoin are priced at US$3,800 and US$0.49 respectively and have lost over 10% and 40% respectively in the last few days.

What impacted the TSX today?

TSX experienced a relatively quiet trading session today. One reason why the HMMJ ETF might continue to trade lower along with most Canadian pot stocks is due to Aurora’s lackluster results that were reported after the market closed today. In the March quarter, Aurora Cannabis reported sales of $55.1 million which were down 25% year over year. This was significantly below analyst estimates of $68.8 million. It also reported an adjusted EBITDA loss of $24 million in fiscal Q3 compared to the $10 million loss forecast by Wall Street.

Aurora Cannabis continues to lose market share in Canada’s recreational marijuana segment. Sales in this business were down a massive 53% year over year to $18 million driven by the ongoing pandemic as well as an increase in competition. Its medical business saw sales rise by 17% to $36.4 million. ACB stock is currently down over 10% in post-market trading on the NYSE at the time of writing.

Meanwhile, the Bank of Canada expects the loonie to gain momentum against the USD driven by rising commodity prices. The CAD is already up close to 5% in 202021 and is the best performing major currency. Governor Tiff Macklem said, “If it moves a lot further that could have a material impact on our outlook and it’s something we’d have to take into account in our setting of monetary policy. If the dollar were to continue to move — particularly if its not reflecting good developments for Canada — that could become more of a headwind on our export projection.”

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