WINNIPEG – The Canadian dollar moved closer to 78 United States cents on Friday despite some unwelcome news about the economy.
The loonie closed at US$0.7798 or US$1=C$1.2824, up from US$0.7791 or US$1=C$1.2835 on Thursday. Statistics Canada reported on Friday that the country’s GDP stayed put last May, while also estimating a 0.1 per cent increase last June.
The U.S. Dollar Index eased off 0.49 of a point to 105.86.
Crude oil prices jumped on Friday as tightening supply outweighed recession fears. Brent crude oil surged US$2.87 per barrel to US$110.01. West Texas Intermediate (WTI) crude oil grew US$1.78 at US$98.20/barrel. Western Canadian Select (WCS) moved upward US$1.32 per barrel to US$77.21. However, crude oil prices fell for the second straight month for the first time since 2020.
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The TSX/S&P Composite Index rose 236.21 points at 19,692.92. In the U.S., the S&P 500 had its best month since Nov. 2020, while the NASDAQ 100 had its strongest monthly performance since April 2020.
Gold jumped US$9.60 at US$1,778.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.39
Farmer’s Edge Inc. dn $ 0.10 at $ 1.25
Linamar Corp. up $ 0.24 at $ 58.38
Maple Leaf Foods up $ 0.88 at $ 27.17
Nutrien Ltd. up $ 2.62 at $109.62
Ritchie Bros Auctioneers Inc. up $ 1.68 at $ 92.30
(All figures are in Canadian dollars.)
