Shopify Passes RBC To Become Canada’s Most Valuable Company

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Discussion posted by: David McNamara

OTTAWA — Shopify Inc. overtook RBC as the most valuable Canadian company Wednesday after the company’s share price climbed on signs demand for online commerce is higher than ever. The stock price of the Ottawa-based online merchant platform was up $67.17 or 6.94 per cent to $1,034.42 Wednesday as its results beat analyst expectations, vaunting its market capitalization to $121.26 billion — and ahead of RBC’s $120.5 billion. Shopify shares have more than doubled in price since mid-March, as brick and mortar retailers that were forced to close amid the COVID-19 pandemic sought online alternatives.