Raymond James: Canadian rail traffic shows mixed results with CN (CNI) down, CPKC (CP) up

Investing.com -- Canadian rail traffic showed divergent trends last week, with CN (NYSE: CNI) experiencing a decline while Canadian Pacific Kansas City (NYSE: CP)
posted growth, according to Raymond James.

CN traffic fell 2.3% year-over-year last week, facing challenging comparisons from the previous year. In contrast, CPKC traffic rose 3.8% year-over-year, supported by gains in grain, energy chemicals and products, automotive, and intermodal segments.

On a quarter-to-date basis, CN traffic remained up 2.6%, driven by strength in petrochemicals, which increased 10.3%, automotive up 8.8%, metals and minerals up 7.4%, and grain up 5.0%. These gains were partially offset by declines in coal, down 8.6%, and intermodal, down 3.2%.

CPKC's quarter-to-date traffic rose 1.8%, led by potash up 17.1%, automotive up 14.5%, and grain up 12.3%. These increases were partially offset by coal down 29.4% and forestry down 8.8%.

Raymond James noted that both carriers are expected to face favorable year-over-year comparisons in the coming weeks.

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