WINNIPEG, May 21 (MarketsFarm) – The Canadian dollar rallied at Tuesday’s close, amid strong stock performances and slipping oil futures.
The Canadian dollar closed at US$.7455 or US$1=C$1.3413, up from Friday’s close of US$.7425 or US$1=C$1.3468.
The S&P/TSX Composite Index gained 24.72 points to close at 16,426.47, rising 0.15 per cent thanks to strong performances in insurance, finance, and cannabis sectors. Gold and mineral losses capped further gains.
Most stock indexes rebounded amidst the prolonged trade war between the United States and China. The NASDAQ gained 83.34 at 7,985.72 points. Similarly, the Dow Jones gained 197.49 points to close at 25,877.39. The S&P 500 Index was up by 24.14 points, closing at 2,864.27 points.
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Oil futures were mixed, dragged down by ongoing trade disputes between the United States and China but buoyed by tight global stocks. Reports indicate OPEC is likely to extend production cuts into the summer. West Texas Intermediate lost eight cents to end the day at US$63.02 per barrel, and Brent Crude oil gained 22 cents to hit US$72.19 per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients——-up $ 0.04 at $ 17.99
Buhler Industries————–unch at $ 3.61
Linamar Corp ——————dn $ 0.18 at $ 45.19
Maple Leaf Foods—————dn $ 0.14 at $ 32.40
Nutrien Ltd. ——————dn $ 0.90 at $ 65.60
Ritchie Bros Auctioneers Inc.–up $ 0.24 at $ 45.21
Rocky Mountain Dealership Inc.-up $ 0.03 at $ 8.73
(All figures are in Canadian dollars.)
