Canada’s technology stocks bested their US counterparts in 2023, surging about 70% as compared with a less than 60% gain from the Nasdaq 100 and S&P 500.
This year’s big move for Canadian tech follows a 52% drop in 2022, more severe than the 24% decline by the S&P 500’s technology component.
Leading the way north of the border this year was Celestica (TSX:CLS) Inc, with a 153% gain (as of December 28), followed by Shopify Inc (TSX:SH., NYSE:SHOP) stock, which has advanced 115%.
Despite its outperformance in 2023, the technology component of S&P/TSX Composite is about 30% below its record, while the US tech stock benchmarks set an all-time this week.