By MarketsFarm
WINNIPEG, May 29 (MarketsFarm) – The Canadian dollar was lower at market close on Wednesday, due to slumping global stock markets.
The dollar finished the day at US$0.7400 or US$1=C$1.3514, which compares Tuesday’s close of US$0.7420 or C$1.3477. Today marked a five-month low for the loonie.
The TSX/S&P Composite Index fell 165.99 points on Wednesday to finish at 16,131.47, as global stocks headed downward over fears the United States/China trade war could hurt global economic growth.
In the U.S., the Dow Jones lost 231.58 points to close at 25,116.19. The NASDAQ lost 59.51 points to finish at 7,547.84. The S&P 500 was down 19.75 points to end the day at 2,782.64.
Read Also
Canadian dollar and business outlook
Glacier FarmMedia — The Canadian dollar was holding near unchanged Monday morning. At 9:08 a.m. CDT the Canadian dollar was…
The Bank of Canada announced today it would continue to freeze its key interest rate at 1.75 per cent, and indicated there will not be a change anytime soon. The central bank said the Canadian economy is improving, following a slowdown that began in late 2018.
Benchmark oil prices were down on Wednesday, also due fears over the U.S./China trade war. Brent crude oil was down 63 cents to close at US$69.48 per barrel. West Texas Intermediate crude oil was down 31 cents to close at US$58.83 per barrel.
As of May 28, the price differential between WTI and Western Canadian Select crude oil increased by 63 cents at US$16.91 per barrel. Also, the price of WCS was up eight cents yesterday at US$42.23 per barrel.
Gold was up US$2.90 today to close at US$1,280.00 per ounce.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.61
Linamar Corp. dn $ 0.48 at $ 44.72
Maple Leaf Foods dn $ 0.82 at $ 30.52
Nutrien Ltd. up $ 1.02 at $ 65.64
Ritchie Bros Auctioneers Inc. dn $ 0.59 at $ 44.61
Rocky Mountain Dealerships Inc. dn $ 0.02 at $ 8.50
(All figures are in Canadian dollars.)
