By MarketsFarm
WINNIPEG, March 3 (MarketsFarm) – The Canadian dollar steady at market close on Tuesday, as small gains in crude oil were balanced off by declines in the stock markets.
The loonie finished the day at US$0.7483 or US$1=C$1.3363, which compares with Monday’s close of US$0.7487 or C$1.3356.
There was a teleconference this morning between the G-7 finance ministers and their heads of the central banks, including those from Canada. They discussed measures to bolster the global economy in light of the COVID-19 coronavirus reducing consumer demand. Shortly after, United States Federal Reserve cut its key interest rate by a half a percentage point in a move to continue U.S. economic growth. However, despite these efforts the stock markets incurred losses.
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Benchmark crude oil prices were slightly higher on Tuesday, as OPEC, Russia and their oil allies have now considered deeper production cuts than those recently proposed. Fears over the coronavirus hurting the global economy stymied further gains.
Brent crude oil was up 17 cents at US$52.07 per barrel, and West Texas Intermediate (WTI) rose 63 cents at US$47.38 per barrel. Western Canadian Select gained 38 cents to close at US$34.11 per barrel.
The TSX/S&P Composite Index dropped 129.64 points to finish the day at 16,423.62, following the downward trend by U.S. stock markets.
The Dow Jones sank 785.91 to end Tuesday at 25,917.41 points. The NASDAQ dropped 268.07 to finish at 8,684.09 points, while the S&P 500 fell 86.87 to close at 3,003.36 points.
Gold was jumped US$48.14 on Tuesday to close at US$1,637.58 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Linamar Corp. dn $ 0.65 at $ 35.87
Maple Leaf Foods dn $ 0.34 at $ 22.46
Nutrien Ltd. dn $ 0.26 at $ 54.38
Ritchie Bros Auctioneers Inc. up $ 0.95 at $ 53.72
Rocky Mountain Dealerships Inc. up $ 0.12 at $ 6.30
(All figures are in Canadian dollars.)
