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Canadian Financial Close: Loonie holds firm amid virus fears

Virus confirmed in eight countries

By MarketsFarm

WINNIPEG, Jan. 24 (MarketsFarm) – The Canadian dollar was virtually unchanged at market close on Friday, despite global fears of the Wuhan virus that have negatively affected commodity and stock markets.

The loonie finished the day at US$0.7610 or US$1=C$1.3140, which compares with Thursday’s close of US$0.7609 or C$1.3143.

The Wuhan virus, named after the Chinese city in which the strain of the coronavirus was first diagnosed, has killed 26 people so far in China and there have been more than 800 reported cases globally. Similar to SARS, the Wuhan virus has also been reported in Japan, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam. The United Kingdom has tested 14 people so far with no positive results. The UK wants to test up to 2,000 more people who recently traveled to China, according to reports.

Benchmark crude oil prices were weaker on Friday. Brent crude oil fell US$1.17 at US$60.87 per barrel. West Texas Intermediate (WTI) dropped US$1.20 at US$54.39 per barrel. Western Canadian Select (WCS) slid US$1.48 to close at US$31.27 per barrel.

The TSX/S&P Composite Index was down 56.44 on Friday to close at 17,565.34 points.

In the U.S., the Dow Jones sank 170.36 at 28,989.73 points. The NASDAQ lost 87.57 to close at 9,314.91 points. The S&P500 dropped 30.09 to finish at 3,205.45 points.

Gold was up US$8.41 on Friday to close at US$1,571.34 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.80
Linamar Corp. dn $ 0.56 at $ 46.30
Maple Leaf Foods up $ 0.09 at $ 25.85
Nutrien Ltd. dn $ 1.36 at $ 58.17
Ritchie Bros Auctioneers Inc. up $ 0.05 at $ 56.96
Rocky Mountain Dealerships Inc. dn $ 0.06 at $ 6.70
(All figures are in Canadian dollars.)

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Glacier FarmMedia Feed

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

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