By MarketsFarm
WINNIPEG, Jan. 27 (MarketsFarm) – The Canadian dollar finished slightly lower on the day, hampered by global economic concerns sparked by China’s coronavirus.
The dollar finished the day at US$0.7586 or US$1=C$1.3182, compared to Friday when it closed at US$0.7610 or US$1=C$1.3140.
Stock markets posted losses across the board, due to the inherent uncertainty that the coronavirus poses to markets. “Fear is the name of the game,” said Stephane Ekolo, an equity strategist at TFS Derivatives, to Bloomberg.
“Market participants are taking some risks off the table as they are afraid of the potential economic implication of the virus outbreak.”
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The TSX Composite Index closed lower by 122.82 points at 17,442.52. The S&P 500 lost 51.84 to close at 3,243.63. The Dow Jones was down by 453.93 to finish at 28,535.80. The NASDAQ was down 175.60 to finish at 9,139.31.
Benchmark oil prices continued losses on Monday, hitting nearly four-month lows due to concerns that the coronavirus outbreak will impact oil consumption. In particular, air travel is likely to be impeded by efforts to quarantine the virus. Brent crude oil was down by US$1.81, closing at US$58.88 per barrel. West Texas Intermediate (WTI) crude oil was US$1.43 lower to close at US$52.76 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 2.80
Linamar Corp. dn $ 1.19 at $ 45.11
Maple Leaf Foods up $ 0.15 at $ 26.00
Nutrien Ltd. dn $ 1.73 at $ 56.44
Ritchie Bros Auctioneers Inc. up $ 0.03 at $ 56.99
(All figures are in Canadian dollars.)
