By MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – The Canadian dollar was significantly lower on Monday, as oil futures plunged.
The dollar finished the day at US$0.7354 or US$1=C$1.3598, compared to Friday when it closed at US$0.7451 or US$1=C$1.3421.
Following a dissolved agreement to contain global crude oil production, Saudi Arabia and Russia have pledged to pump more oil into a market that is already dealing with a glut and lowered demand due to the COVID-19 coronavirus. Financial markets felt these shockwaves, with United States stocks seeing the largest selloffs since the 2008 financial crisis.
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The TSX Composite Index dropped by over 10 per cent at the close, losing 1,660.78 points to close at 14,514.24. The S&P 500 lost 226.20 to close at 2,746.19. The Dow Jones lost almost eight per cent, down by 2,014.42 points at 23,850.79. The NASDAQ was down 624.94 to finish at 7,950.68.
Brent crude oil was down by about 24 per cent, losing US$10.84 to close at US$34.43 per barrel. West Texas Intermediate (WTI) crude oil lost 25 per cent, down by US$10.35 to close at US$30.93 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 2.95
Linamar Corp. dn $ 4.07 at $ 29.89
Maple Leaf Foods dn $ 1.19 at $ 21.84
Nutrien Ltd. dn $ 4.43 at $ 47.25
Ritchie Bros Auctioneers Inc. dn $ 2.68 at $ 51.62
Rocky Mountain Dealerships Inc. dn $ 0.74 at $ 5.65
(All figures are in Canadian dollars.)
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