Canada's main stock index edged higher on Thursday, helped by a jump in Canadian Pacific Railway shares on prospects of consolidation in the railroad industry and a rebound of uranium producer Cameco Corp. Canadian Pacific Railway rose nearly 4 percent to C$200.11 a day after saying its chief executive, Hunter Harrison, would leave five months earlier than originally expected and reporting a lower-than-expected adjusted quarterly profit.
"Many people believe that there will be consolidation in this industry," said John Stephenson, president & CEO of Stephenson & Company Capital Management. "Someone who has the operational record of a Hunter Harrison is probably going to be one of the people to do it." The Toronto Stock Exchange's S&P/TSX composite index closed up 11.96 points, or 0.08 percent, at 15,409.81. Gains were tempered by investor caution ahead of Donald Trump's inauguration on Friday.
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