Shopify’s reign as the king of Canadian stocks is over – at least for the moment.
The Ottawa-based e-commerce software powerhouse, which overtook RBC to become the country’s most valuable publicly traded company early in the pandemic, was dethroned Monday after its shares fell by nearly $40 on the Toronto Stock Exchange.
Shopify stock closed the day at $1,513.45 on the TSX, down 2.5 per cent, allowing RBC to reclaim the title of Canada’s most valuable public firm. The country’s biggest bank now has a market capitalization of $197 billion, just ahead of Shopify’s $190 billion.
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Still, it’s been quite a run for the Ottawa software darling, which vaulted into top spot among Canadian public companies in the spring of 2020 as online shopping surged during the pandemic and demand for its platform that helps e-commerce merchants sell their products soared.
But the firm’s stock has been on a steady slide since mid-November after Shopify’s CFO cautioned that the “extreme levels” of online spending seen earlier in the pandemic would likely level off as more consumers reverted to in-person shopping and COVID-related restrictions eased.
After hitting a high of $2,228.73 in late November, Shopify’s stock value has since declined 32 per cent.