Canadian Financial Close: Canadian dollar steady as markets rally

WINNIPEG, April 16 (MarketsFarm) – The Canadian dollar held fairly steady on Tuesday, as stocks rallied after a rocky Monday.

The Canadian dollar closed at US$.7484 or US$1=C$1.3361, down from Monday’s close of US$.7488 or US$1=C$1.3354.

The S&P/TSX Composite Index lost 12.26 points to close at 16,502.20.

The NASDAQ closed up, gaining 24.22 at 8,00.23 points. Similarly, The Dow Jones gained 67.89 points to close at 26,452.66. The S&P 500 Index was up 1.48 points, closing at 2,907.06 points.

Stock indexes rallied thanks to gains in the financial sector, particularly after BlackRock Inc.’s results offset weakness at Bank of America Corp., according to reports. The 10-year Treasury yield reached its highest level since the March Federal Reserve meeting, according to Bloomberg.

“You’re seeing some fairly significant companies — last Friday, JPMorgan, a few others here this week, BlackRock today — a lot of these financials that had gotten pummeled this quarter seem to be doing pretty well in beating earnings.” said Wayne Wicker, an executive at Vantagepoint Investment Advisers, to Bloomberg.

Oil prices rose by 75 cents on Tuesday, as continued civil war in Libya and falling Venezuelan and Iranian exports raise concerns over tightening global supply, according to Reuters.

“Global supply is falling faster than people think. The market is imbalanced,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “The continuing loss of Venezuelan oil is going to take its toll. The OPEC cuts are going to take their toll.”

Canada’s agricultural sector fared as follows:

AGT Food and Ingredients——-unch at $ 17.95
Buhler Industries————–dn $ 0.01 at $ 3.61
Linamar Corp ——————up $ 0.49 at $ 51.73
Maple Leaf Foods—————up $ 0.26 at $ 31.00
Nutrien Ltd. ——————up $ 0.28 at $ 71.18
Ritchie Bros Auctioneers Inc.–dn $ 0.27 at $ 45.37
Rocky Mountain Dealership Inc.-up $ 0.23 at $ 9.61

(All figures are in Canadian dollars.)

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