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Canadian Financial Close: Loonie inches up on crude oil

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Published: October 25, 2019

By MarketsFarm

WINNIPEG, Oct. 25 (MarketsFarm) – The Canadian dollar was slightly higher at market close on Friday, on price increases for crude oil.

The loonie finished the day at US$0.7655 or US$1=C$1.3064, which compares with Thursday’s close of US$0.7648 or C$1.3075.

Benchmark oil prices were stronger on Friday, due to optimism towards the United States/China partial trade deal, lower U.S. crude stocks and the possibility of OPEC extending its production cuts. Concerns over a slowing global economy tempered gains.

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Brent crude oil was up 35 cents to close at US$62.02 per barrel, while West Texas Intermediate (WTI) rose 48 cents to close at US$56.71 per barrel. Western Canadian Select crude gained 18 cents at US$39.65 per barrel.

The TSX/S&P Composite Index was higher on Friday. The TSX was up 35.17 points to close at 16,404.49 points due gains in the resource sector.

In the U.S., the S&P 500 reached a record high of 3,022.28 after rising 12.09 points on U.S./China optimism fueled increases. The Dow Jones was up 151.18 at 26,955.93 points. The NASDAQ was up 57.32 to close at 8,243.12 points.

The price of gold rose US$3.00 on Friday to close at US$1,507.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.60
Linamar Corp. up $ 0.67 at $ 42.91

Maple Leaf Foods up $ 0.09 at $ 29.26
Nutrien Ltd. up $ 1.42 at $ 64.49
Ritchie Bros Auctioneers Inc. dn $ 0.12 at $ 52.39
Rocky Mountain Dealerships Inc. unchanged at $ 6.80
(All figures are in Canadian dollars.)

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