By MarketsFarm
WINNIPEG, Jan. 31 (MarketsFarm) – The Canadian dollar finished the week lower, riding the coattails of weakening crude oil futures and flagging stock performances.
The dollar finished the day at US$0.7557 or US$1=C$1.3233, compared to Thursday when it closed at US$0.7566 or US$1=C$1.3217
Financial markets continued to grind lower due to continued concerns of the coronavirus outbreak. The United States has declared a health emergency and issued a travel advisory to China. Many airlines have reduced or suspended flight activity to some areas of China.
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The TSX Composite Index closed lower by 172.07 points at 17,318.49. The S&P 500 lost 58.14 to close at 3,225.52. The Dow Jones dropped by over two per cent, losing 603.41 poimts to finish at 28,256.03. The NASDAQ was down 147.99 to finish at 9,150.94.
Benchmark oil prices were lower on Friday after two of North America’s largest oil companies posted notably weak results. Ample supply appeared to be at fault. Brent crude oil was down by 39 cents, closing at US$59.21 per barrel. West Texas Intermediate (WTI) crude oil was 21 cents lower to close at US$52.94 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 2.80
Linamar Corp. dn $ 1.25 at $ 43.60
Maple Leaf Foods unch at $ 25.92
Nutrien Ltd. dn $ 0.28 at $ 56.49
Ritchie Bros Auctioneers Inc. dn $ 0.58 at $ 54.87
Rocky Mountain Dealerships Inc. dn $ 0.05 at $ 6.44
(All figures are in Canadian dollars.)
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