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Canadian Financial Close: Canadian dollar weakens along with markets and crude oil

WINNIPEG, April 15 (MarketsFarm) – The Canadian dollar continued to drop on Monday, as stock indexes and crude oil similarly weakened.

The Canadian dollar closed at US$.7488 or US$1=C$1.3354, down from Friday’s close of US$.7502 or US$1=C$1.3329.

The S&P/TSX Composite Index gained 34.93 points to close at 16,515.46, thanks to gains in material stocks.

The NASDAQ closed down, losing 8.15 at 7,976.01 points. Similarly, The Dow Jones lost 28.14 points to close at 26,384.16. The S&P 500 Index was down 1.83 points, closing at 2,905.57 points.

Stock indexes faltered after disappointing results from Goldman Sachs Group Inc. and Citigroup Inc. dragged down bank shares. Goldman dropped 3.8 per cent and Citigroup responded similarly despite its revenue matching expectations.

“The momentum is definitely in the US stock market, but the dramatic rise is looking a bit tired and in need of a few weeks break,” said Paul Nolte, a portfolio manager at Kingsview Asset Management, according to reports.

Oil prices fell after months of rallying, after Russia’s finance minister said Russia and OPEC are considering increasing production to fight for market share with the United States, where output remains at record highs, according to Reuters. West Texas Intermediate lost 36 cents to trade at US$63.53 per barrel, and Brent Crude similarly lost 28 cents to trade at US$71.27 per barrel.

Canada’s agricultural sector fared as follows:

AGT Food and Ingredients——-unch at $ 17.95
Buhler Industries————–up $ 0.01 at $ 3.62
Linamar Corp ——————dn $ 0.02 at $ 51.24
Maple Leaf Foods—————up $ 0.46 at $ 30.74
Nutrien Ltd. ——————up $ 1.40 at $ 72.90
Ritchie Bros Auctioneers Inc.–dn $ 0.13 at $ 45.64
Rocky Mountain Dealership Inc.-up $ 0.12 at $ 9.38

(All figures are in Canadian dollars.)

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