(Bloomberg) — Shopify Inc. skyrocketed again Monday, putting it in a tight race with one of Canada’s largest banks to become the second-most valuable company on the nation’s stock market.
The e-commerce company’s shares jumped as much as 7.8%, pushing its market value over the C$100 billion ($71 billion) mark. Toronto-Dominion Bank, which was second to Royal Bank of Canada on Friday, has a market cap of about C$101.6 billion.
Investors piled into the tech stock last week after its Chief Technology Officer Jean-Michel Lemieux said the Ottawa-based company was seeing U. S. Black Friday-type of traffic as it brings “thousands” of businesses online during the Covid-19 pandemcic.
Chief Executive Office Tobi Lutke said Monday he wasn’t watching the move.