By MarketsFarm
WINNIPEG, May 28 (MarketsFarm) – The Canadian dollar was weaker at market close on Tuesday, due to the TSX losing ground.
The dollar finished the day at US$0.7420 or US$1=C$1.3477, which compares Monday’s close of US$0.7439 or C$1.3442.
The TSX/S&P Composite Index was down 49.20 points on Tuesday to finish at 16,297.46, as losses in financial stocks outweighed gains in the technology sector.
The Bank of Canada will announce on Wednesday whether it will increase interest rates or not. The markets believe the bank’s governor, Steven Poloz, will continue to freeze rates until after October’s federal election.
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Benchmark oil prices were mixed on Tuesday. Brent crude oil was down 35 cents to close at US$69.76 per barrel on expectations that OPEC, Russia and its allies will soon end their curb on production.
Flooding in the United States affected the country’s primary storage hub at Cushing, Okla. West Texas Intermediate crude oil was up 19 cents to close at US$58.82 per barrel.
As of May 27, the price differential between WTI and Western Canadian Select crude oil was at US$16.28 per barrel with WCS at US$41.15 per barrel.
Gold was down US$4.60 today to close at US$1,279.00 per ounce.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.61
Linamar Corp. dn $ 0.17 at $ 45.20
Maple Leaf Foods dn $ 0.36 at $ 31.34
Ritchie Bros Auctioneers Inc. dn $ 0.40 at $ 45.20
Rocky Mountain Dealerships Inc. unchanged at $ 8.52
(All figures are in Canadian dollars.)
