Shopify's stock price soared, surpassing the Royal Bank of Canada to become the most valuable company in the country.

On Wednesday, Shopify's stock price surged, making it the most valuable company in Canada. This came after the company announced its quarterly performance, which Citigroup described as "explosive." The e-commerce service provider's market value rose to 275 billion Canadian dollars, once again surpassing the Royal Bank of Canada. Shopify had surpassed the bank five years ago, but lost the top position in 2022 due to the so-called "Canadian market curse." This curse refers to other publicly traded companies that had briefly surpassed Canada's largest bank and then saw a significant drop in their stock prices, including BlackBerry, Encana, and Nortel Networks.