By MarketsFarm
WINNIPEG, March 29 (MarketsFarm) – The Canadian dollar lifted on Friday, along with crude oil prices and market performance.
The Canadian dollar closed at US$.7483 or US$1=C$1.3363, up from Thursday’s close of US$.7447 or US$1=C$1.3429
The S&P/TSX Composite Index lost 53.40 points to close at 16,102.09.
The NASDAQ closed up, gaining 60.99 at 7,730.95 points. Similarly, The Dow Jones gained 227.57 points to close at 25,937.71. The S&P 500 Index lifted by 15.26 to close at 2,830.70 points.
Statistics Canada reported on Friday that Canada’s economy grew by 0.3 per cent in January, beating analyst’s forecasts. These gains are largely credited to construction and manufacturing sectors.
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In contrast, recently released U.S. consumer spending data shows economic growth is stagnating.
“Those numbers, strong Canadian data with weak U.S. data just did a whammy on the market.” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York, in reports.
Oil prices post the highest quarterly rise since 2009 following United States President Donald Trump’s tweets to OPEC encouraged the bloc and its allies to pump more oil. Experts said in past years Trump’s tweets have contributed to OPEC’s decision to rethink production limits.
West Texas Intermediate crude oil gained 84 cents to close at US$60.14 per barrel, while Brent crude oil gained 57 cents to close at US$68.39 per barrel.
Canada’s agricultural sector faired as follows:
AGT Food and Ingredients——- up $ 0.06 at $ 17.90
Linamar Corp ——————up $ 0.82 at $ 47.92
Maple Leaf Foods—————up $ 0.20 at $ 30.91
Nutrien Ltd. ——————up $ 0.37 at $ 70.48
Ritchie Bros Auctioneers Inc.–dn $ 0.01 at $ 45.37
Rocky Mountain Dealership Inc.-up $ 0.01 at $ 9.00
(All figures are in Canadian dollars.)
