WINNIPEG – The Canadian dollar inched downward on Thursday amid a major retreat on the stock markets.
The loonie closed at US$0.7799 or US$1=C$1.2822, down from US$0.7806 or US$1=C$1.2810 on Wednesday. The United States Dollar Index rebounded from Wednesday’s drop, gaining 0.91 of a point at 103.50.
Crude oil prices were higher over supply concerns days after the European Union made clear its intent to phase out Russian oil by the end of 2022. Brent crude oil gained US$0.88 per barrel at US$111.02. West Texas Intermediate (WTI) crude oil increased US$0.60 at US$108.41/barrel. Western Canadian Select (WCS) moved up US$0.21 to US$94.89.
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Investors re-assessed the implications of rising inflation and the key interest rate hike by the U.S. Federal Reserve, providing a shock to the stock markets. The TSX/S&P Composite Index lost nearly two per cent as it fell 488.78 points at 20,696.17. The Dow Jones dropped 3.2 per cent or 1,063.09 points to 32,997.97. NASDAQ lost five per cent or 647.17 points to 12,317.69.
Gold advanced US$9.70 per ounce to US$1,878.50.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.55
Farmer’s Edge Inc. dn $ 0.07 at $ 2.40
Linamar Corp. dn $ 2.18 at $ 49.04
Maple Leaf Foods dn $ 0.70 at $ 27.20
Nutrien Ltd. dn $ 3.83 at $132.84
Ritchie Bros Auctioneers Inc. dn $ 1.42 at $ 67.63
(All figures are in Canadian dollars.)
