Summary

• TTTK—the S&P/TSX Capped Information Technology Index—fell 4.96% over July 13–17, declining from 309.05 to 293.73. Most of the damage occurred Tuesday through Friday.
• Shopify was almost unchanged overall, down approximately 0.16%, despite substantial daily volatility.
• Kinaxis gained approximately 0.10%, effectively finishing flat after alternating gains and declines.
• CGI’s correct TSX ticker is GIB.A.TO, not GIB.TO. CGI gained approximately 0.57% over the period despite a sharp 4% decline Tuesday.
• Because these three companies were broadly flat, other TTTK constituents and the wider global technology selloff were responsible for much of the index decline.

Five-Day Performance

Security	July 10 close	July 17 close	Five-day change
TTTK	309.05	293.73	–4.96%
SHOP.TO	C$173.51	C$173.23	–0.16%
KXS.TO	C$154.81	C$154.97	+0.10%
GIB.A.TO	C$94.85	C$95.39	+0.57%

Price data:

1. TTTK Technology Index

Daily movement

Date	TTTK close	Daily change
July 13	309.29	+0.08%
July 14	303.78	–1.78%
July 15	298.39	–1.77%
July 16	297.11	–0.43%
July 17	293.73	–1.14%

TTTK declined during four consecutive sessions after Monday.

Main explanation

The sector was affected by a broader reduction in technology and high-growth exposure. On Friday, global semiconductor and growth stocks sold off, weakening sentiment toward Canadian technology shares as well. The TSX Composite declined only about 0.2% Friday, showing that the technology weakness was substantially worse than the overall Canadian market.

Higher bond yields and renewed inflation concerns also mattered. Early in the week, the U.S. 10-year Treasury yield was around 4.58%–4.62%, while escalating U.S.–Iran tensions lifted oil prices. High yields normally place more pressure on technology valuations because a larger portion of their expected earnings lies further in the future.

However, TTTK’s almost 5% decline cannot be explained solely by Shopify, Kinaxis and CGI because those three stocks finished the period approximately flat. Other major technology constituents therefore contributed materially to the index weakness.

2. Shopify — SHOP.TO

Price pattern

Date	Close	Daily change
July 13	C$176.57	+1.76%
July 14	C$176.84	+0.15%
July 15	C$173.61	–1.83%
July 16	C$175.76	+1.24%
July 17	C$173.23	–1.44%

Shopify finished only C$0.28 below its July 10 close, but the stock traded through a broad range during the week.

What drove Shopify

Shopify initially resisted the sector decline on Monday and Tuesday. Investors remained supported by its existing growth narrative, first-quarter operating momentum and share-repurchase authorization.

However, Wednesday and Friday brought renewed selling as investors reduced exposure to higher-valuation growth shares. Shopify is particularly sensitive to:

• Nasdaq and growth-stock sentiment
• Bond yields
• E-commerce growth expectations
• Expectations for merchant spending
• Valuation ahead of earnings

Shopify had announced that its second-quarter 2026 results would be released shortly, but it issued no new financial results during the five-day period.

Interpretation

Shopify’s weekly movement was:$$\text{early strength} \rightarrow \text{growth-stock selling} \rightarrow \text{temporary rebound} \rightarrow \text{Friday risk reduction}$$early strength→growth-stock selling→temporary rebound→Friday risk reduction

The stock’s flat weekly result concealed significant day-to-day volatility.

3. Kinaxis — KXS.TO

Price pattern

Date	Close	Daily change
July 13	C$157.16	+1.52%
July 14	C$154.36	–1.78%
July 15	C$153.58	–0.51%
July 16	C$156.17	+1.69%
July 17	C$154.97	–0.77%

Kinaxis finished approximately 0.1% higher than its July 10 close.

What drove Kinaxis

No major Kinaxis-specific financial announcement was identified during the week. The stock therefore largely followed changing technology-sector sentiment.

Supporting factors included Kinaxis’s previously reported record first-quarter performance and maintained 2026 guidance:

• Revenue guidance of US$620 million–US$635 million
• SaaS revenue-growth guidance of 17%–19%
• Adjusted EBITDA-margin guidance of 25%–26%

The Tuesday–Wednesday decline was consistent with broader software-sector valuation pressure. Thursday’s rebound suggested that investors were still willing to buy KXS after pullbacks, but Friday’s technology selloff prevented the stock from maintaining those gains.

Interpretation

KXS was range-bound, not in a clear five-day downtrend. The market was balancing strong recurring-revenue fundamentals against high software valuations and broader risk aversion.

4. CGI — GIB.A.TO

Price pattern

Date	Close	Daily change
July 13	C$96.00	+1.21%
July 14	C$92.16	–4.00%
July 15	C$92.58	+0.46%
July 16	C$95.70	+3.37%
July 17	C$95.39	–0.32%

CGI ended the period approximately 0.57% higher, despite unusually large Tuesday and Thursday moves.

What drove CGI

Monday’s gain may have received some support from CGI’s recent launch of the Massachusetts statewide financial-management system, but there was no new earnings announcement during the five sessions.

Tuesday’s 4% decline appears primarily related to:

• Technology-sector risk reduction
• Valuation uncertainty
• Continuing concern about slower discretionary IT-consulting spending
• Residual caution following a recent analyst target reduction

The stock had previously received a Scotiabank price-target reduction from C$110 to C$95, which likely remained an overhang.

Thursday’s 3.37% rebound recovered most of Tuesday’s loss, indicating that the decline did not reflect a confirmed deterioration in CGI’s reported operations.

Facts Versus Inference

Finding	Assessment
TTTK declined approximately 5%	Verified
SHOP, KXS and CGI were approximately flat overall	Verified
Friday’s global technology selloff hurt TTTK	Strongly supported
Higher yields pressured technology valuations	Standard valuation mechanism
A single event caused TTTK’s entire decline	Not supported
Shopify, Kinaxis and CGI explain the full index loss	Mathematically inconsistent with their weekly returns

Bottom Line

The five-day technology pattern was unusual:

• The overall TTTK index fell sharply.
• Shopify finished virtually unchanged.
• Kinaxis finished virtually unchanged.
• CGI finished modestly higher.

Therefore, the index’s decline was broader than these three stocks and was likely concentrated in other major TTTK constituents, combined with a global reduction in semiconductor, AI and high-growth technology exposure.

The strongest evidence of continued weakness would be TTTK remaining below approximately 294 while Shopify, Kinaxis and CGI also begin breaking below their recent trading ranges. A recovery above approximately 304–309 would weaken the short-term bearish interpretation.