By MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) – The Canadian dollar lost almost a quarter cent at market close on Monday, as crude oil prices dropped.
The loonie finished the day at US$0.7533 or US$1=C$1.3275, which compares with Friday’s close of US$0.7557 or C$1.3233.
Benchmark crude oil prices were weaker on Monday due to growing concerns about reduced Chinese demand resulting from the coronavirus outbreak.
Brent crude oil tumbled US$2.37 at US$54.25 per barrel. West Texas Intermediate (WTI) fell US$1.57 at US$49.99 per barrel. In comparison, Western Canadian Select (WCS) was down 50 cents to close at US$30.23 per barrel.
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The TSX/S&P Composite Index was up 61.27 on Monday to close at 17,379.76 points, following the gains made by markets in the United States.
Those U.S. markets finished stronger, coming off their worst losses in six months. Confidence was spurred by the People’s Bank of China having cut interest rates and injecting cash into the economy. However, gains were tempered by reports that China could delay implementing the Phase One trade deal with the U.S.
The Dow Jones gained 143.58 to end Monday at 28,399.61 points. The NASDAQ rose 122.46 to finish at 9,273.40 points. The S&P500 was up 23.35 to close at 3,248.87 points.
Gold lost US$12.37 on Monday to close at US$1,576.78 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.80
Linamar Corp. dn $ 0.09 at $ 43.51
Nutrien Ltd. up $ 0.33 at $ 56.82
Ritchie Bros Auctioneers Inc. dn $ 0.07 at $ 55.80
Rocky Mountain Dealerships Inc. up $ 0.07 at $ 6.51
(All figures are in Canadian dollars.)
