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Canadian Financial Close: Loonie drops after poor jobs report

By MarketsFarm

WINNIPEG, Dec. 6 (MarketsFarm) – The Canadian dollar was weaker at market close on Friday, as Statistics Canada reported the largest job losses since the recession of 2008-09.

The loonie finished the day at US$0.7544 or US$1=C$1.3255, which compares with Thursday’s close of US$0.7591 or C$1.3174.

Statistics Canada said the country lost more than 71,000 jobs in November. Economists predicted a gain of 10,000 jobs for the month.

Benchmark oil prices made small increases on Friday after OPEC and its allies reiterated their plan to increase their production cuts come March 2020. Cuts are to deepen by 500,000 barrels per day on top of current reductions of 1.2 million BPD.

Brent crude oil was up 87 cents to close at US$64.26 per barrel, and West Texas Intermediate (WTI) rose 62 cents at US$59.05 per barrel. Western Canada Select was gained 74 cents to close at US$39.21 per barrel.

The TSX/S&P Composite Index finished higher Friday to close at 16,996.97 points, following the lead of United States markets.

China announced today it would cut tariffs on some agricultural imports from the United States. Also, China called on the U.S. to cut its tariffs on Chinese imports and to cancel planned tariff hikes scheduled for Dec. 15.

The Dow Jones gained 337.27 on Friday, closing at 28,015.06 points. The NASDAQ saw an increase of 85.83 at 8,656.53 points. The S&P 500 rose 28.48 to finish at 3,145.91 points.

Gold was down US$18.90 on Friday, closing at US$1,464.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.60
Linamar Corp. up $ 0.99 at $ 45.04
Maple Leaf Foods up $ 0.43 at $ 24.78
Nutrien Ltd. up $ 1.02 at $ 61.99
Ritchie Bros Auctioneers Inc. dn $ 0.19 at $ 57.70
Rocky Mountain Dealerships Inc. dn $ 0.10 at $ 6.37
(All figures are in Canadian dollars.)

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