By MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – The Canadian dollar dropped eight-tenths of a cent on Friday due to declines in the North American stock markets.
The dollar finished the day at US$0.7109 or US$1=C$1.4066, compared to Thursday when it closed at US$0.7189 or US$1=C$1.3910.
The threat by U.S. President Donald Trump to impose new tariffs on China despite the Phase One trade agreement wasn’t well received by the North American stock markets.
The Dow Jones fell 288.14 points at 24,345.72. The S&P 500 lost 59.10 to finish at 2,843.30 points. The NASDAQ was down 25.16 to end the week at 8,889.55 points.
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The TSX Composite Index was down 160.40 points to close at 14,620.34.
The Bank of Canada announced that former deputy governor Tiff Macklem will succeed Stephen Poloz, who steps down in June. Prior to Macklem’s appointment he was the dean of Rotman School of Management at the University of Toronto.
Benchmark crude oil prices were steady to higher on Friday as production cuts for the OPEC+ alliance kicked in. The alliance, which includes Russia, will reduce their production by 9.7 million per day.
Brent crude oil was up seven cents to close at US$26.55 per barrel. West Texas Intermediate (WTI) crude oil gained 91 cents at US$19.75 per barrel. Western Canadian Select (WCS) jumped US$2.27 at US$13.59 per barrel.
Gold gained US$13.15 at US$1,699.66 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.65
Linamar Corp. dn $ 1.00 at $ 32.44
Maple Leaf Foods dn $ 0.52 at $ 25.21
Nutrien Ltd. dn $ 0.95 at $ 48.76
Ritchie Bros Auctioneers Inc. dn $ 0.14 at $ 59.77
Rocky Mountain Dealerships Inc. dn $ 0.14 at $ 4.26
(All figures are in Canadian dollars.)
