By MarketsFarm
WINNIPEG, Feb. 11 (MarketsFarm) – The Canadian dollar closed slightly higher on Tuesday morning, due to positive stock performances and steadying oil values.
The dollar finished the day at US$0.7523 or US$1=C$1.3292, compared to Monday when it closed at US$0.7508 or US$1=C$1.3319
Financial markets were largely higher thanks to notions that central banks may continue to ease monetary policy in order to encourage economic expansion. United States Federal Reserve Chair Jerome Powell said the Fed is “keeping a close eye on fallout” from the coronavirus outbreak.
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The TSX Composite Index closed higher by 36.54 points at 17,777.11. The S&P 500 gained 5.66 to close at 3,257.75. The Dow Jones was unchanged and finished at 29,276.34. The NASDAQ was up 10.55 to finish at 9,638.94.
Benchmark oil prices regained some ground on Tuesday after hitting the lowest levels in over a year the day prior. Russia has “kept OPEC+ waiting” regarding their decision to cut production volumes in the wake of the coronavirus. Brent crude oil was up by US$1.01, closing at US$54.28 per barrel. West Texas Intermediate (WTI) crude oil was 49 cents higher to close at US$50.06 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.01 at $ 2.95
Linamar Corp. up $ 0.64 at $ 43.24
Maple Leaf Foods up $ 0.51 at $ 26.57
Nutrien Ltd. up $ 0.39 at $ 57.59
Ritchie Bros Auctioneers Inc. up $ 0.56 at $ 57.36
(All figures are in Canadian dollars.)
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