Toronto Stocks Slide on Covid Variant Concerns; CP Rail, Kansas City Southern Get Mexican Regulator OK

11/26/2021 | 12:17pm

By Adriano Marchese

Canadian stocks were sharply lower in midday trading Friday, with the S&P/TSX Composite Index down 484.73 points, as fears of a new Covid-19 variant and potential government responses pummel global markets.

At midday, all sectors were down. Meanwhile, Canadian Pacific Railway Ltd. said that it has received regulatory approvals from Mexican regulators for its merger with Kansas City Southern.

Canada's S&P/TSX Composite Index was down 2.2% at 21135.11 and the blue-chip S&P/TSX 60 was down 2.2% at 1278.50.

Canadian Pacific said it has received regulatory pre-transaction control approvals from the Mexican Federal Economic Competition Commission as well as from the Mexican Federal Telecommunications Institute. Its shares were down 1.6% at C$162.83.

Other market movers:

Automobile-parts manufacturer Linamar Corp. announced it would repurchase about 4.4 million of its shares through a normal course issuer bid, representing around 10% of the company's public float. Its shares fell 1.5% to C$76.35.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

11-26-21 1216ET

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