By MarketsFarm
WINNIPEG, May 8 (MarketsFarm) – The Canadian dollar was stronger ahead of the weekend, due to comparable weakness in the United States dollar.
The dollar finished the day at US$0.7178 or US$1=C$1.3931, compared to Thursday when it closed at US$0.7135 or US$1=C$1.4015.
A new report from Statistics Canada showed two million Canadians lost their jobs in April, which is the largest single-month drop on record. Economists predicted four million jobs would be lost.
Stocks were higher on Friday despite the poor employment report. The TSX Composite Index was up 132.87 points to close at 14,966.56. The S&P 500 gained 48.61 points to close at 2,929.80. The Dow Jones Industrial Average was up by 455.43 points at 24,331.32. The NASDAQ increased 141.66 to finish at 9,121.32.
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Benchmark crude oil prices were stronger on Friday. West Texas Intermediate (WTI) was up by US$1.16 to close at US$24.71. Brent Crude was up by US$1.41 cents at US$30.87.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.80
Linamar Corp. up $ 0.49 at $ 33.38
Maple Leaf Foods up $ 0.43 at $ 25.03
Nutrien Ltd. up $ 1.22 at $ 49.40
Ritchie Bros Auctioneers Inc. up $ 0.28 at $ 61.79
Rocky Mountain Dealerships Inc. up $ 0.02 at $ 4.22
(All figures are in Canadian dollars.)
