By MarketsFarm
WINNIPEG, Oct. 22 (MarketsFarm) – The Canadian dollar was firm at market close on Tuesday, as energy sector signalled its discomfort with a Liberal minority government likely to be propped up by center-left New Democratic Party. However, that was balanced off by gains in crude oil prices.
The loonie finished the day at US$0.7637 or US$1=C$1.3094, which compares with Monday’s close of US$0.7636 or C$1.3096.
The Liberals won 157 out of 338 seats in yesterday’s federal election. Despite the NDP losing about half of their seats, they were left in a position to hold the balance of power with 24 seats. The oil industry believes this situation could prevent further pipelines from going forward.
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Benchmark oil prices were higher on Tuesday as further progress was made with a tentative United States/China trade deal. Meanwhile gains were tempered by larger U.S. crude stockpiles.
Brent crude oil crude oil was up 71 cents to close at US$59.67 per barrel, while West Texas Intermediate (WTI) rose 90 cents to close at US$54.21 per barrel. Western Canadian Select crude gained 94 cents at US$37.62 per barrel.
The TSX/S&P Composite Index was down 26.93 points on Tuesday to close at 16,391.52 points as concerns over Brexit inched out positive sentiment surrounding U.S./China trade.
The price of gold was up US$2.50 on Tuesday to close at US$1,490.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.04 at $ 3.64
Linamar Corp. up $ 0.13 at $ 42.65
Maple Leaf Foods dn $ 0.04 at $ 30.16
Ritchie Bros Auctioneers Inc. up $ 0.38 at $ 52.88
Rocky Mountain Dealerships Inc. dn $ 0.04 at $ 6.84
(All figures are in Canadian dollars.)
