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Canadian Financial Close: Canadian dollar slightly steady as oil hits lows

By MarketsFarm

WINNIPEG, Jan. 15 (MarketsFarm) – The Canadian dollar remained steady on Wednesday, following a freshly-inked trade Phase One trade deal between the United States and China.

The dollar finished the day at US$0.7663 or US$1=C$1.3050, compared to Tuesday when it closed at US$0.7656 or US$1=C$1.3062

Stock markets reacted positively to the signed trade deal. “It only modestly moves the needle in the right direction,” David Sowerby, portfolio manager at Ancora Advisors said to Bloomberg. “It’s maybe best described as a semi-truce. It removes some level of uncertainty that existed before.”

The TSX Composite Index closed higher by 62.27 points at 17,415.17. The S&P 500 gained 6.14 to close at 3,289.29. The Dow Jones was up by 90.55 to finish at 29,030.22. The NASDAQ was up 7.37 to finish at 9,258.70.

Benchmark oil prices were lower on the day following reports of increased U.S. crude stocks. Brent crude oil was 28 cents lower, closing at US$64.21 per barrel. West Texas Intermediate (WTI) crude oil was down by 28 cents to close at US$57.95 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries unch at $ 2.79
Linamar Corp. dn $ 0.33 at $ 47.11
Maple Leaf Foods up $ 0.54 at $ 25.18
Nutrien Ltd. dn $ 0.55 at $ 62.64
Ritchie Bros Auctioneers Inc. dn $ 0.12 at $ 58.24
Rocky Mountain Dealerships Inc. dn $ 0.04 at $ 6.76

(All figures are in Canadian dollars.)

END

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Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

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