By MarketsFarm
WINNIPEG, March 2 (MarketsFarm) – The Canadian dollar gained four-tenths of cent by market close on Monday, due increases in crude oil prices and on the stock markets.
The loonie finished the day at US$0.7487 or US$1=C$1.3356, which compares with Friday’s close of US$0.7447 or C$1.3429.
Benchmark crude oil prices were stronger on Monday, on expectations the World Bank and some central banks are prepared to bolster the global economy in light of the COVID-19 coronavirus. Fears are the continuing world-wide spread of the illness will curtail consumer demand, hurting the global economy. Also, support came from the strong likelihood OPEC and its oil allies will increase their production cuts by week’s end from 1.70 million barrels per day to 2.45 million.
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Brent crude oil jumped US$2.99 at US$52.66 per barrel, and West Texas Intermediate (WTI) leapt US$2.64 at US$47.40 per barrel. Western Canadian Select gained US$2.62 to close at US$33.73 per barrel.
The TSX/S&P Composite Index rose 290.21 points to finish the day at 16,552.26,
In the United States, the Dow Jones gained 1,294.58 to end Monday at 26,703.94 points. The S&P 500 was up 136.23 to close at 3,090.45 points. The NASDAQ rose 384.79 to finish at 8,952.16 points.
Gold was up US$2.70 on Monday to close at US$1,582.38 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn & 0.09 at $ 2.95
Linamar Corp. dn $ 0.40 at $ 36.52
Maple Leaf Foods up $ 0.42 at $ 22.80
Nutrien Ltd. up $ 0.39 at $ 54.64
Ritchie Bros Auctioneers Inc. dn $ 0.46 at $ 52.77
Rocky Mountain Dealerships Inc. up $ 0.08 at $ 6.18
(All figures are in Canadian dollars.)
