Canadian Pacific Railway Ltd. and larger rival Canadian National Railway Co. surged to record highs after the companies reported third-quarter earnings that beat analysts’ estimates.
Shares of Canadian Pacific closed up 10 percent to C$148.53 in Toronto, the highest since the railway was spun off from its parent in 2001. Canadian National increased 4.4 percent to C$114.59, a record closing price since the company’s initial public offering in 1995.
