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.