By MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar was down at market close on Monday, as heightened fears over COVID-19 coronavirus pushed the futures markets down sharply.
The loonie finished the day at US$0.7531 or US$1=C$1.3279, which compares with Friday’s close of US$0.7562 or C$1.3224.
The number of reported cases of COVID-19 and deaths from it are climbing outside of China, which could result in a world-wide pandemic. On Monday South Korea, Iran and Italy said they had spikes in COVID-19 cases, while Bahrain, Iraq, Kuwait and Oman reported their first cases.
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Benchmark crude oil prices fell on Monday, as the markets fear a significant decline in demand due to COVID-19. Brent crude oil dropped US$2.49 at US$56.01 per barrel, and West Texas Intermediate (WTI) sank US$2.17 at US$51.21 per barrel. Western Canadian Select (WCS) lost US$1.64 to close at US$35.00 per barrel.
Also, Teck Resources Ltd. announced on Sunday that it’s pulling its application for the company’s new oil sands mine in Alberta. Teck CEO Don Lindsay stated the country’s governments lack a framework to balance resource development and climate change. However, Teck’s C$20.6 billion Frontier oil sands project was based on oil prices climbing to US$95 per barrel over the long-term, according to Bloomberg.
The TSX/S&P Composite Index plummeted 280.79 points, or 1.57 per cent of its value, to finish the day at 17,562.74.
The United States stock markets incurred steeper losses, with the NASDAQ falling 3.71 per cent to close at 9,221.28 points. The Dow Jones lost 3.56 per cent to end at 27,960.80, while the S&P 500 was down 3.35 per cent at 3,225.89.
Gold gained US$14.36 on Monday to close at US$1,657.77 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Linamar Corp. dn $ 0.51 at $ 40.61
Maple Leaf Foods dn $ 0.60 at $ 24.89
Nutrien Ltd. dn $ 0.41 at $ 55.83
Ritchie Bros Auctioneers Inc. dn $ 0.18 at $ 57.44
Rocky Mountain Dealerships Inc. dn $ 0.13 at $ 6.35
(All figures are in Canadian dollars.)
