By MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – The Canadian dollar strengthened on Wednesday as the country’s central bank raised its key overnight interest rate by a full percentage point in an effort to curb rising inflation.
The Canadian dollar settled at US$0.7707 or US$1=C$1.2976 on Wednesday, which compares with Tuesday’s North American close of US$0.7683 or US$1=C$1.3015.
The Bank of Canada raised its overnight rate to 2.5 per cent on Wednesday, with the one-point increase marking the largest hike since 1998. Average expectations had been for a 0.75-point increase.
Crude oil held relatively steady on Wednesday, with West Texas Intermediate crude oil up by 0.17 per cent at US$96.00 per barrel.
The TSX Composite Index was down by 63.45 points, or 0.34 per cent, to close at 18,615.19 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.34
Linamar Corp.——————–dn $ 0.31 at $ 54.36
Maple Leaf Foods—————–up $ 0.08 at $ 26.22
Nutrien Ltd.———————up $ 1.16 at $ 98.08
Ritchie Bros Auctioneers Inc.—-dn $ 8.07 at $ 78.31
Farmers Edge Inc.—————-dn $ 0.04 at $ 1.49
(All figures are in Canadian dollars.)
