Canadian Financial Close: Loonie lower after tough day for TSX

Norges Bank says no to Cdn energy

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Published: May 13, 2020

By MarketsFarm

WINNIPEG, May 13 (MarketsFarm) – The Canadian dollar was lower on Wednesday, following declines in the Toronto Stock Exchange and crude oil.

The loonie finished the day at US$0.7106 or US$1=C$1.4073, compared to Tuesday when it closed at US$0.7135 or US$1=C$1.4015.

The TSX Composite Index dropped 377.95 points to close at 14,503.21. The TSX fell after Norges Bank Investment Management, one of the world’s largest wealth funds and worth about US$1 trillion, stated it would avoid investing in Canada’s energy sector due to excessive greenhouse gases being produced.

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Benchmark crude oil prices were slightly lower on Wednesday as declining demand and a gloomy economic forecast effectively countered reductions in stockpiles.

Brent crude oil was down 62 cents close at US$29.36 per barrel. West Texas Intermediate (WTI) crude oil slipped 24 cents at US$25.54 per barrel. Western Canadian Select (WCS) lost US$1.86 at US$21.16 per barrel.

Gold was up US$12.94 at US$1,715.64 per ounce.

Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.15 at $ 2.65
Linamar Corp. dn $ 0.71 at $ 31.87
Maple Leaf Foods dn $ 0.34 at $ 25.91
Nutrien Ltd. dn $ 2.27 at $ 44.12
Ritchie Bros Auctioneers Inc. dn $ 1.12 at $ 57.82
Rocky Mountain Dealerships Inc. dn $ 0.25 at $ 4.01
(All figures are in Canadian dollars.)

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