By MarketsFarm
WINNIPEG, March 22 (MarketsFarm) – The Canadian dollar continued its decline on Friday, following trends in global markets and crude oil prices.
The Canadian dollar closed at US$.7457 or C$=1.3411, down from Thursday’s close of US$.7482 or C$=1.3366.
The S&P/TSX Composite Index fell by 155.26 points to close at 16,089.33.
The NASDAQ closed down, losing 196.29 to close at 7,642.67 points. Similarly, the Dow Jones lost 459.41 points to close at 25,503.10. The S&P 500 Index dropped 54.15 to close at 2,800.72 points. Losses were due to concerns of global economic slowdown based on reports from manufacturing industries in the U.S. and Germany. “A gap has opened up between the manufacturing and service sectors … with goods-producers and exporters struggling amid a deteriorating external environment and concerns regarding the impact of trade wars,” Chris Williamson, chief business economist at IHS Markit, said in a statement Friday.
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Oil prices saw the biggest drop in weeks, furthering fears of slowing global growth. Though prices have gained steadily in 2019, the ongoing trade dispute between the U.S. and China has capped rallies.
West Texas Intermediate crude oil lost US$1.04 to close at $58.94 per barrel, while Brent crude oil lost 90 cents to close at $66.96 per barrel.
Canada’s agricultural sector faired as follows:
AGT Food and Ingredients——-dn $ 0.03 at $ 17.76
Buhler Industries————–unch at $ 3.61
Linamar Corp ——————dn $ 0.98 at $ 47.40
Maple Leaf Foods—————up $ 0.31 at $ 29.85
Nutrien Ltd. ——————dn $ 0.02 at $ 71.04
Ritchie Bros Auctioneers Inc.–dn $ 0.39 at $ 44.81
Rocky Mountain Dealership Inc.-dn $ 0.25 at $ 9.08
(All figures are in Canadian dollars.)
