Information Tech Capped Index ($TTTK):

Summary

• The S&P/TSX Capped Information Technology Index (TTTK) gained approximately 3.2% over the latest 10 trading sessions, using the closely tracking XIT ETF as the observable proxy: C$72.16 on June 26 to C$74.46 on July 10.
• Shopify was the principal positive contributor, rising 4.7% over the period. Its large index weight—approximately 28%—gave the move substantial influence.
• CGI gained 3.9%, adding moderate support because it represents roughly 9% of the sector index.
• Kinaxis was effectively unchanged, rising only 0.05%, and its approximately 2% index weight meant its contribution was negligible.
• TTTK’s rise was not broad and uniform. It was largely a large-cap technology rally, particularly Shopify, while daily volatility remained high.

10-Trading-Day Performance

The period measured is June 26 through July 10, 2026.

Security	June 26 close	July 10 close	Change
TTTK proxy—XIT	C$72.16	C$74.46	+3.19%
SHOP.TO	C$165.70	C$173.51	+4.71%
GIB.A.TO	C$91.29	C$94.85	+3.90%
KXS.TO	C$154.74	C$154.81	+0.05%

Price data:

TTTK Movement

TTTK moved through three phases.

1. June 26–30: uneven start

The XIT proxy rose strongly on June 26, fell slightly on June 29 and recovered on June 30:

Date	XIT daily move
June 26	+1.08%
June 29	−0.17%
June 30	+0.78%

Shopify gained 4.62% on June 26, but then fell 2.04% on June 29, creating volatility at the index level. CGI also rose 3.3% on June 26, while Kinaxis gained 3.4%.

2. July 2–7: upward momentum

XIT advanced in each session from July 2 through July 7:

• July 2: +0.51%
• July 3: +0.42%
• July 6: +0.34%
• July 7: +0.99%

The largest support came from Shopify, which gained 4.55% on July 2 and another 1.46% on July 7. CGI also rose 2.69% on July 2 and 1.52% on July 7.

3. July 8–10: volatility but positive finish

TTTK weakened on July 8 as Shopify, CGI and Kinaxis all declined:

Stock	July 8 move
SHOP	−2.60%
GIB.A	−1.89%
KXS	−2.91%

XIT declined 0.88% that day. The broader TSX was also pressured by renewed U.S.–Iran tensions and risk reduction across Canadian equities.

Technology rebounded over July 9–10, with XIT adding 0.67% and 0.49%, respectively.

SHOP.TO

Performance

Shopify rose from C$165.70 to C$173.51, a gain of:$$\frac{173.51-165.70}{165.70}\times100=4.71\%$$165.70173.51−165.70​×100=4.71%

The stock traded in a wide range, reaching an intraday high of C$184.96 on July 10, before closing at C$173.51.

Key drivers

1. Analyst upgrades

Shopify received supportive analyst commentary during the period, including a Stifel upgrade to Buy and a reinstated Buy rating from Bank of America. These calls strengthened sentiment after the stock’s earlier earnings-related decline.

2. Recovery from the May earnings sell-off

Shopify had fallen sharply after its first-quarter results despite revenue growing 34% year over year to US$3.17 billion. Investors had been disappointed by profitability and guidance that did not exceed elevated expectations. The recent advance represents, in part, a recovery from that earlier valuation compression.

3. Upcoming earnings catalyst

Shopify announced that it would report second-quarter 2026 results. Ahead of earnings, the market is focusing on:

• revenue growth in the high-20% range;
• free-cash-flow margin;
• merchant-solutions growth;
• AI-commerce adoption;
• operating expense discipline.

The share price remains sensitive because Shopify trades at a high growth-oriented valuation.

4. July 9 rally

Shopify rose 3.41% on July 9, materially lifting TTTK. The gain coincided with positive analyst activity.

Assessment

Shopify was the main driver of TTTK’s 10-day gain. At approximately 28% of the index, a 4.7% Shopify gain would, in isolation, contribute roughly:$$28\%\times4.7\%\approx1.3\%$$28%×4.7%≈1.3%

to the sector index before accounting for rebalancing and other holdings.

GIB.A.TO — CGI

Performance

CGI rose from C$91.29 to C$94.85, a gain of 3.9%.

Key drivers

1. Recovery from earlier weakness

CGI had fallen as low as approximately C$86–C$88 in mid-to-late June. The latest period therefore represented a recovery from oversold conditions rather than a major earnings-driven revaluation.

2. Contract and partnership announcements

Positive operational announcements included:

• CGI’s participation in launching Massachusetts’ Mosaic financial-management system;
• recognition as a Microsoft cloud and AI delivery partner;
• continued government and enterprise technology contract activity.

These announcements reinforced CGI’s recurring-revenue and public-sector contract profile.

3. Valuation support

CGI is generally less volatile than Shopify because its business is based more heavily on long-duration IT services, outsourcing and government contracts. Its lower-growth but more predictable cash-flow profile attracted buyers following the prior decline.

4. Continuing caution

The recovery occurred after Scotiabank had lowered its price target to C$95 from C$110 in late June. This suggests the market still has concerns about organic growth, contract timing or margin expansion.

Assessment

CGI provided a meaningful secondary contribution to TTTK. Based on an approximately 8.9% weight, its 3.9% gain contributed roughly:$$8.9\%\times3.9\%\approx0.35\%$$8.9%×3.9%≈0.35%

to the index.

KXS.TO — Kinaxis

Performance

Kinaxis moved from C$154.74 to C$154.81, essentially unchanged at +0.05%.

The flat result concealed substantial volatility:

• July 2: +3.43%
• July 6: −1.48%
• July 7: +2.06%
• July 8: −2.91%
• July 10: +1.16%

Key drivers

1. Positive customer announcements

Kinaxis announced that MANE had selected its supply-chain planning platform, following other recent partnership and customer-expansion announcements. These wins supported confidence in recurring SaaS demand.

2. Strong underlying growth

Kinaxis’ first-quarter SaaS revenue grew 21% year over year, annual recurring revenue grew 20%, and adjusted EBITDA margin increased to 32%. These results provide fundamental support.

3. Valuation and execution sensitivity

Despite strong operating growth, Kinaxis remains sensitive to:

• contract timing;
• SaaS bookings;
• foreign-exchange movements;
• implementation delays;
• changes in technology-sector valuation multiples.

The stock therefore failed to hold its early-period gains.

4. Limited index impact

Kinaxis represents only about 2.1% of XIT/TTTK. Its flat 10-day return had virtually no effect on the sector index.

Contribution Summary

Using approximate July index weights:

Company	Approx. index weight	10-day return	Approx. contribution
Shopify	28.1%	+4.71%	+1.32 percentage points
CGI	8.9%	+3.90%	+0.35 percentage points
Kinaxis	2.1%	+0.05%	~0.00 percentage points

The remaining gain came mainly from other large holdings, particularly Celestica and Constellation Software, which together account for nearly half of the index. Approximate holdings data show Shopify, Celestica and Constellation Software dominate TTTK/XIT, making the index substantially more concentrated than the broad TSX.

Risks

• Shopify earnings or guidance below high market expectations.
• Higher bond yields compressing technology valuation multiples.
• AI-related disruption to traditional software and IT-service models.
• CGI organic-growth weakness or slower contract awards.
• Kinaxis bookings volatility and longer implementation cycles.
• Concentration risk: roughly three-quarters of the index is held in Shopify, Celestica and Constellation Software.

Scenarios

Scenario	TTTK interpretation
Bull	Shopify sustains momentum, CGI continues its recovery and other large holdings remain firm; TTTK breaks above the recent trading range.
Base	TTTK consolidates after the 3.2% advance while investors await Shopify and CGI earnings.
Bear	Shopify reverses, bond yields rise or earnings guidance disappoints; concentration causes TTTK to decline disproportionately.

Actionable Takeaways

• TTTK’s latest increase was primarily Shopify-driven, supported by CGI and other large index constituents.
• SHOP.TO: strongest of the three, but also the most valuation-sensitive and volatile.
• GIB.A.TO: recovering from depressed levels; steadier business profile, but organic-growth concerns remain.
• KXS.TO: fundamentally solid but price performance was neutral; customer wins have not yet produced sustained upward momentum.
• The bullish interpretation would be disproved by Shopify falling back below its late-June range, CGI failing to hold approximately C$90–C$92, or Kinaxis breaking materially below C$150.