(Updates at market close)

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TSX ends up 1% at 30,471.68

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Eclipses Thursday's record closing high

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Shopify ( SHOP ) jumps 6.5%; posts record intraday and closing

highs

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For the week, the index adds 2.4%

By Fergal Smith

Oct 3 (Reuters) - Canada's main stock index rose to

another record high on Friday as shares of e-commerce company

Shopify ( SHOP ) jumped and investors shrugged off downbeat

domestic economic data.

Toronto's S&P/TSX composite index ended up 311.09

points, or 1%, at 30,471.68, its sixth straight day of gains and

eclipsing Thursday's record closing high.

For the week, the index was up 2.4%.

"From a big picture point of view, we seem to be back to a

situation where bad news for the economy is good for the

markets," said Elvis Picardo, a portfolio manager at Luft

Financial, iA Private Wealth. "On the Canadian side, we had

pretty soft data but that was shrugged aside."

Canada's services economy contracted at a steeper pace in

September as businesses shed jobs and outstanding work sank to a

five-year low, S&P Global's Canada services PMI data showed.

A soft economy spurred the Bank of Canada to cut interest

rates last month to a three-year low of 2.50%. Money market

pricing has leaned toward further easing this month.

The technology sector rose 1.5%. Shopify's ( SHOP ) shares

were up 6.5%, notching an all-time closing high. They also

surpassed the record intraday peak from November 2021.

"Shopify ( SHOP ) could be benefiting from enthusiasm for anything

AI-related," Picardo said. "We don't have too many companies

with that pedigree in Canada."

OpenAI has recently introduced a feature that would allow

users to make purchases through ChatGPT, in partnership with

Shopify ( SHOP ) and Etsy ( ETSY ).

Technology accounts for 11.5% of the TSX's weighting, far

less than the U.S. benchmark S&P 500 where technology represents

50% of the index.

Industrials added 1.1% and energy was up 1%. The price of oil

settled 0.7% higher at $60.88 a barrel, clawing back some

of this week's decline. Eight OPEC+ countries are likely to

further raise oil output on Sunday.

Nine of 10 major sectors ended higher. The exception was

healthcare, which lost 1%.