logo-loader
viewCanadian Pacific Railway

Canadian Pacific hits 9-day high on faster Toronto-Calgary service

train_track350_51c2000fc0b8f.jpg

Canadian Pacific Railway Ltd. (TSE:CP), the country's biggest railroad, advanced to the highest in more than a week, after launching a faster intermodal rail service on its key Toronto-Calgary route. 

The shares rose 1 percent to C$128.49, the highest intraday price since June 10, before trading at C$128.40, up 0.9 percent at 2:42 p.m. in Toronto on Wednesday.

The new service offering cuts 20 hours from previous schedules, making the 3,400 kilometre-distance from Canada’s business capital to Calgary takes 64 hours, Canadian Pacific said in a statement released on Wednesday morning.

"We are helping our customers become more competitive in their own markets and offering previously unavailable options to business not currently shipping with CP," Jane O'Hagan,  executive vice president and chief marketing officer, said in the statement.

“The improved schedule is made possible by pairing efficient train design at origin while leveraging a CP advantage; the shortest rail route between Toronto and Calgary," he added.

Canadian Pacific, which operates in six provinces and 13 U.S. states, last year carried out similar practices, shortening schedules from Vancouver, British Colombia to Chicago, Illinois, and from Vancouver to Toronto. 

The shares have gained 23 percent this year, giving the company a market value of C$22.4 billion.


Quick facts: Canadian Pacific Railway

Price: 345.1 CAD

TSX:CP
Market: TSX
Market Cap: $46.81 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

ioneer Ltd's Bernard Rowe hails new boric acid distribution and sales agreements

ioneer Ltd's (ASX:INR) Bernard Rowe speaks to Proactive's Andrew Scott after securing two distribution and sales agreements for the supply of boric acid from its Rhyolite Ridge Lithium-Boron Project in Nevada, USA. The three-year boric acid distribution and sales agreements were signed with...

1 day, 9 hours ago

2 min read