Rail stocks go for a ride, thanks to Warren Buffett
Last Updated: Tuesday, April 10, 2007 | 7:36 AM ET
CBC News
Railway shares got a lift on Monday on news that American billionaire Warren Buffett's investment company has become the biggest shareholder in Burlington Northern Santa Fe Corp.
Buffett's Berkshire Hathaway owns about 10.9 per cent, or 39 million shares, of BNSF, the second-largest railway in the U.S., according to a filing with the Securities and Exchange Commission.
BNSF shares rose 6.5 per cent at $88.68 US on the NYSE.
Canadian rail companies enjoyed investor interest as well.
Canadian National was up by more than five per cent at $53.58, while Canadian Pacific was up three per cent at $66.10 on the TSX.
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