Canada - Canadian Pacific Railway Ltd. (CP) jumped as much as 2.1 percent after it agreed to work with an arbitrator on a contract for 3,000 workers, ending a two-day work stoppage.
 
"This agreement enables us to return to work effective noon Tuesday local time to resume our essential services for our customers and the North American supply chain," Chief Executive Officer Keith Creel said in a statement early Tuesday.
 
CP shares were up 1.9 percent to $103.09 as of 11:44 in Toronto.
 
The strike in Canada, a top exporter of crops such as canola, disrupted shipments when supply chains are already stretched, with Russia's invasion of Ukraine worsening a food shortage.
 
Canada is also a major supplier of potash used as fertilizer, with the bulk of shipments traveling by rail.
 
Spring seeding is four to six weeks away in Canada, and even sooner in the U.S., and the fertilizer industry had urged the government step in to resolve the dispute.
 
Federal mediators were involved in the negotiations between the Calgary-based railway and the Teamsters Canada Rail Conference (TCRC), which represents locomotive engineers, conductors, and yard workers.
 
Earnings expectations for CP will likely move lower following a two-day work stoppage, as management and the TCRC couldn't come to an agreement.
 
Yet freight will move again later today on CP, since both parties agreed to enter binding arbitration.
 
The last two-day TCRC strike weighed on CP's margin by 140 bps in second quarter 2018.
 
Jen Skerritt.