Canadian Financial Close: Loonie stronger on Monday

By MarketsFarm

WINNIPEG, April 6 (MarketsFarm) – The Canadian dollar was slightly stronger on Monday, amid hopes of the COVID-19 pandemic slowing down.

The dollar finished the day at US$0.7079 or US$1=C$1.4127, compared to Friday when it closed at US$0.7071 or US$1=C$1.4142.

North American stock indexes rallied following reports that the rate of new COVID-19 cases is slowing down in hot spots in Europe, as well as New York.

The TSX Composite Index was up by 654.40 points to close at 13,592.70.

Oil prices were lower following news that Saudi Arabia and Russia pushed back a meeting between the Organization of Petroleum Exporting Countries (OPEC) to discuss coordinated production cuts. Brent crude oil lost 85 cents to close at US$33.26 per barrel. West Texas Intermediate (WTI) crude oil fell by $1.97 to close at US$26.37 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries                unchanged  at $  2.95
Linamar Corp.                    up  $ 2.54     at $ 30.81
Maple Leaf Foods                 up  $ 0.93     at $ 25.90
Nutrien Ltd.                     up  $ 2.83     at $ 48.58
Ritchie Bros Auctioneers Inc.    up  $ 1.73     at $ 51.24
Rocky Mountain Dealerships Inc.  unchanged  at $  4.00

(All figures are in Canadian dollars.)

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