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Canadian Financial Close: Loonie edges up on TSX, oil

By MarketsFarm

WINNIPEG, May 15 (MarketsFarm) – The Canadian dollar was up slightly at market close on Wednesday, due to increases in the TSX and crude oils prices.

The dollar finished Wednesday at US$0.7434 or US$1=C$1.3451, which compares with Tuesday’s close of US$0.7424 or C$1.3469.

The TSX/S&P Composite Index gained 33.61 points on Wednesday to finish at 16,318.14 points, on the strength of cannabis stocks.

Statistics Canada reported the country’s the rate of inflation rose slightly to two per cent in April, up from 1.9 per cent in March. The agency said the carbon levy was responsible as it increased gasoline prices in six provinces.

Benchmark oil prices were also up on Wednesday, due to tensions over sabotage to a pair of Saudi Arabian oil tankers, followed by drone attacks on Saudi oil facilities. Increased tensions between the U.S. and Iran over sanctions on the latter also added to higher oil prices.

Brent crude oil was up 72 cents to close at US$71.96 per barrel. West Texas Intermediate crude oil was up 43 cents to close at US$62.21 per barrel. As of yesterday, the price differential between WTI and Western Canadian Select crude oil was US$14.40 per barrel.

Gold was up 60 cents on Wednesday to close at US$1,296.90 per ounce.

Canada’s agricultural sector fared as follows:

AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.61
Linamar Corp. up $ 0.29 at $ 45.49
Maple Leaf Foods dn $ 0.38 at $ 32.25
Nutrien Ltd. up $ 0.63 at $ 67.76
Ritchie Bros Auctioneers Inc. dn $ 0.47 at $ 44.29
Rocky Mountain Dealerships Inc. unchanged at $ 8.60
(All figures are in Canadian dollars.)

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