By MarketsFarm
WINNIPEG, March 13 (MarketsFarm) – The Canadian dollar was weaker on Friday, despite an unscheduled interest rate adjustment from the Bank of Canada.
The dollar finished the day at US$0.7194 or US$1=C$1.3820, compared to Thursday when it closed at US$0.7236 or US$1=C$1.3820.
At midday, the Bank of Canada lowered its target interest rate by 50 basis points to total 0.75 per cent. According to a press release, “this unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices.”
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The TSX Composite Index gained over nine per cent, up by 1,207.88 points to close at 13,716.33. The S&P 500 was also up by over nine per cent, increasing by 230.31 to close at 2,710.95. The Dow Jones was up by 1,985.00 points at 23,185.62. The NASDAQ finished up by 672.43 to finish at 7,874.23.
Brent crude oil was up by US$1.80 to close at US$35.02 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.84 to close at US$33.34 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 2.85
Linamar Corp. up $ 3.40 at $ 33.70
Maple Leaf Foods up $ 1.78 at $ 22.29
Nutrien Ltd. up $ 4.47 at $ 43.36
Ritchie Bros Auctioneers Inc. up $ 2.44 at $ 48.23
Rocky Mountain Dealerships Inc. up $ 0.21 at $ 4.23
(All figures are in Canadian dollars.)
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