By Commodity News Service Canada
Aug. 9 (CNS Canada) – Movement on
North American Free Trade Agreement
negotiations buoyed the Canadian dollar in
early trading. Analysts speculated that
Mexico and the U.S. had reached agreement
on the key automobile sector and Canada
would be invited to future meetings next
week.
While the loonie showed early
strength, it slid slightly and at 8:48 a.m.
CDT, the exchange rate for the Canadian to
U.S. dollar was at $0.7676 or C$1.3028,
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American close of US$0.7662 or C$1.3052.
Canadian markets appeared unaffected
by Saudi Arabia’s decision to stop all new
investment in Canada. Most investors viewed
it as having little impact, with Saudi
investments limited to hotels, grain
facilities and small stock holdings.
The S&P/TSX gained 0.24 per cent on
early trading and was at 16,353.81 at 8:52
a.m. CDT, up 37.85 points.
The financial sector lifted stocks
with Manulife Corp. up 1.5 per cent on
strong second quarter earnings.
In the U.S., the Dow Jones was up 0.02
per cent to open at 25,589.79, the S&P 500
dropped 0.02 per cent to 2,857.19, and the
Nasdaq lost 0.02 per cent to 7,882.52.
