By Commodity News Service Canada
WINNIPEG, Feb. 22 (CNS Canada) – The Canadian dollar was up at market close on Friday, after the National Energy Board (NEB) released its report on the Trans-Mountain pipeline.
The dollar finished Friday at US$0.7591 or US$1=C$1.3173, which compares with Thursday’s close of US$0.7578 or C$1.3196.
The S&P/TSX Composite Index also benefitted from the NEB report. The TSX was up 12.15 points to finish the week at 16.013.01 points.
At a news conference on Friday, the NEB recommended the expansion of the Trans-Mountain pipeline proceed, but with 182 recommendations. These include measures to protect killer whales off the British Columbia coast and consultations with Indigenous communities.
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It is estimated the expansion would increase Canada’s capacity to move crude oil by 600,000 barrels per day.
Groups opposed to the pipeline stated they might pursue further legal action and street protests.
Also on Friday, the federal government announced it obtained a C$324 million surplus in the first nine months of the fiscal year. Revenues were up 8.7 per cent, far higher than the projected 4.9 per cent.
Trade talks between the United States and China ended on a positive note on Friday. Although negotiators didn’t reach a final deal, they made enough progress so that the U.S. is willing to extend the March 1 deadline. The optimism helped to fuel a rise in the U.S. stock markets.
Benchmark oil prices were mixed on Friday. Brent crude oil slipped eight cents to close at US$66.99 per barrel. West Texas Intermediate crude oil gained 21 cents to close at US$57.17 per barrel.
Gold was up by US$3.30 on Friday to US$1,331.10 per ounce.
Canada’s agricultural sector faired as follows:
AGT Food and Ingredients dn $ 0.02 at $ 17.84
Buhler Industries unchanged at $ 3.67
Linamar Corp. up $ 0.68 at $ 52.23
Maple Leaf Foods up $ 0.05 at $ 29.28
Nutrien Ltd. dn $ 0.29 at $ 71.31
Ritchie Bros Auctioneers Inc. up $ 0.42 at $ 48.66
Rocky Mountain Dealerships Inc. dn $ 0.06 at $ 8.89
(All figures are in Canadian dollars.)
