Shopify Shares Surge to Overtake RBC as Canada’s Largest Stock

Shopify Inc. surged Wednesday to become the most valuable company in Canada after reporting what Citigroup called a “blowout” quarterly performance.

The e-commerce provider’s market capitalization rose to C$275 billion, surpassing Royal Bank of Canada in value once again. Shopify eclipsed the bank five years ago but lost the No. 1 spot in 2022, when it fell victim to what was known as the Canadian market curse. The curse is a reference to other public companies that have edged past the country’s largest bank and subsequently saw their shares drop dramatically, including BlackBerry Ltd., Encana and Nortel Networks.