By MarketsFarm
WINNIPEG, Feb. 25 (MarketsFarm) – The Canadian dollar was virtually unchanged at market close on Tuesday, despite huge downward pressure from the futures markets. Investors turning away from weaker economies provided a counter influence.
The loonie finished the day at US$0.7530 or US$1=C$1.3281, which compares with Monday’s close of US$0.7531 or C$1.3279.
Coronavirus fears were ramped up yet again after the United States Centers for Disease Control and Prevention said people should prepare for more outbreaks as COVID-19 spreads to other countries.
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Benchmark crude oil prices took another tumble on Tuesday, over fears that demand could be severely curtailed by the increased spread of COVID-19.
Brent crude oil fell US$1.59 at US$54.71 per barrel, and West Texas Intermediate (WTI) dropped US$1.64 at US$49.79 per barrel. Western Canadian Select (WCS) lost 71 cents to close at US$34.29 per barrel.
The TSX/S&P Composite Index plummeted 385.37 points to finish the day at 17,177.37 as coronavirus fears also gripped the stock markets.
In the United States, the Dow Jones lost 878.83 to end Tuesday at 27,081.97. The NASDAQ fell 255.67 to close at 8,965.61 and the S&P 500 was down 97.64 to finish at 3,128.25 points.
Gold lost US$24.68 on Tuesday to close at US$1,634.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Maple Leaf Foods dn $ 0.63 at $ 24.26
Nutrien Ltd. dn $ 1.87 at $ 53.96
Ritchie Bros Auctioneers Inc. dn $ 1.66 at $ 55.78
Rocky Mountain Dealerships Inc. dn $ 0.01 at $ 6.34
(All figures are in Canadian dollars.)
