By MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – The Canadian dollar was up slightly at market close on Wednesday, as the Canadian economy grew by twice the amount experts predicted it would.
The loonie finished the day at US$0.7606 or US$1=C$1.3148, which compares with Tuesday’s close of US$0.7594 or C$1.3168.
In May, the country witnessed economic growth of 0.2 per cent, rather than the 0.1 per cent forecast by financial analysts, according to Statistics Canada.
The TSX/S&P Composite Index was down 59.49 to close at 16,406.56 points, as the U.S. Federal Reserve announced it has cut interest rates by a quarter point, for the central bank’s the first cut since 2008.
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The Fed’s move also saw decline in the U.S. markets. The Dow Jones lost 333.75 to end the day at 26,864.27 points. The NASDAQ dipped 98.19 to close at 8,175.42 points. The S&P 500 was down 32.80 at 2,980.38.
Benchmark oil prices were mixed Wednesday, as U.S. inventories proved to be smaller than anticipated. The country’s crude stockpiles dropped to 436.50 million barrels, a decline of 8.5 million barrels from the previous week, according to the Energy Information Administration.
Brent crude oil was up 46 cents to close at US$65.18 per barrel. West Texas Intermediate (WTI) crude oil was down nine cents to close at US$57.96 per barrel.
As of Tuesday, Western Canadian Select (WCS) crude oil was up 81 cents at US$43.91 per barrel. On July 30, the WCS/WTI price differential grew by 37 cents at US$14.14 per barrel.
Gold lost US$16.80 on Wednesday to close at US$1,425.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.80
Linamar Corp. dn $ 0.65 at $ 44.70
Maple Leaf Foods up $ 0.13 at $ 30.95
Nutrien Ltd. up $ 1.10 at $ 72.36
Ritchie Bros Auctioneers Inc. up $ 0.37 at $ 47.65
Rocky Mountain Dealerships Inc. dn $ 0.34 at $ 7.19
(All figures are in Canadian dollars.)
