By MarketsFarm
WINNIPEG, Feb. 7 (MarketsFarm) – The Canadian dollar was slightly lower at market close on Friday, as crude oil prices were lower coupled with continuing concerns about the coronavirus.
The loonie finished the day at US$0.7516 or US$1=C$1.3305, which compares with Thursday’s close of US$0.7524 or C$1.3290.
Benchmark crude oil prices were lower on Friday as Russia stated it needed more time to consider further production cuts with OPEC and its other oil-producing allies. Fears are global demand will decrease due to the coronavirus.
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Brent crude oil was down 39 cents at US$54.54 per barrel, and West Texas Intermediate (WTI) lost 50 cents at US$50.45 per barrel.
Meanwhile, Western Canadian Select (WCS) was down US$1.24 to close at US$32.49 per barrel. The decline followed the announcement that the Trans Mountain pipeline expansion will now cost an estimated C$12.6 billion, about 70 per cent more than in 2017.
The TSX/S&P Composite Index was down 102.00 on Friday to close at 17,655.49 points, despite the Labour Force Survey from Statistics Canada indicating 34,500 full-time jobs were added in January. That meant Canada’s unemployment rate slipped from 5.6 per cent in December to 5.5 per cent.
Gold was up US$3.60 on Friday to close at US$1,570.44 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.30 at $ 3.19
Linamar Corp. dn $ 1.89 at $ 42.87
Nutrien Ltd. dn $ 1.30 at $ 57.57
Ritchie Bros Auctioneers Inc. up $ 1.00 at $ 56.75
Rocky Mountain Dealerships Inc. dn $ 0.05 at $ 6.70
(All figures are in Canadian dollars.)
