Canadian Financial Close: CN strike weighs on loonie

By MarketsFarm

WINNIPEG, Nov. 25 (MarketsFarm) – The Canadian dollar was slightly lower at market close on Monday, as ongoing strike at Canadian National Railway put pressure on the loonie. However, a better than expected wholesale trade report tempered losses.

The loonie finished the day at US$0.7515 or US$1=C$1.3307, which compares with Friday’s close of US$0.7526 or C$1.3287.

Now in its seventh day, the strike at CN was reported to have a growing negative effect on the country’s economy, stated reports. There has been speculation that the federal government might soon intervene, ordering the 3,200 members of the Teamsters Canada back to work. The union and CN have continued to negotiate during the strike.

Statistics Canada reported that wholesale trade increased by approximately 1.0 per cent in September, compared to the 1.2 decrease in August. Financial analysts predicted a gain in September of about 0.3 to 0.4 per cent, according to reports.

Benchmark oil prices were slightly higher on Monday due to optimism towards United States/China trade talks. The latter signaled both countries are close a to deal over Phase One, their interim trade agreement.

Brent crude oil gained 30 cents to close at US$63.69 per barrel, and West Texas Intermediate (WTI) rose 19 cents to close at US$57.96 per barrel. However, Western Canadian Select crude slipped 24 cents at US$38.78 per barrel.

The TSX/S&P Composite Index was up 78.02 points on Monday at 16,954.84, as the optimism from the U.S./China trade talks was felt throughout the North American markets.

In the U.S., the Dow Jones increased by 190.85 at 28,066.47 points, the NASDAQ rose 112.61 at 8,632.49 and the S&P 500 was up 23.35 to finish at 3,133.64 points.

Gold was down US$8.70 on Monday, closing at US$1,454.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.60
Linamar Corp. up $ 0.72 at $ 43.54
Maple Leaf Foods dn $ 0.19 at $ 23.29
Nutrien Ltd. up $ 1.16 at $ 63.09
Ritchie Bros Auctioneers Inc. up $ 0.79 at $ 56.42
Rocky Mountain Dealerships Inc. up $ 0.11 at $ 6.55
(All figures are in Canadian dollars.)

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