Canadian Financial Close: Loonie higher on vaccine hopes

Pfizer vaccine 95 per cent effective

By MarketsFarm

WINNIPEG, Nov. 18 (MarketsFarm) – The Canadian dollar closed slightly stronger on Wednesday amid renewed market sentiment towards a COVID-19 vaccine.

The dollar finished at US$0.7655 or US$=C$1.3063 compared to Tuesday’s close of US$0.7637 or US$1=C$1.3094.

Pfizer said the final results of its vaccine testing found it to be 95 per cent effective. That’s five points higher than Pfizer’s preliminary results announced last week, and a half point better than the vaccine being developed by Moderna.

Benchmark crude oil prices were higher on Wednesday due to vaccine hopes. Also support came from Saudi Arabia calling on its OPEC+ allies to adjust their production cutbacks to meet coming market needs.

Brent crude oil gained 49 cents at US$44.24 per barrel. West Texas Intermediate (WTI) crude oil was up 25 cents at US$41.68 per barrel. Western Canadian Select (WCS) crude oil rose 45 cents at US$32.60 per barrel.

The TSX Composite Index was down 58.24 points on Wednesday to finish at 16,889.82.

Gold lost US$9.87 at US$1,870.51 per ounce.

Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.31
Linamar Corp. up $ 0.95 at $ 61.01
Maple Leaf Foods dn $ 0.28 at $ 25.43
Nutrien Ltd. up $ 0.51 at $ 58.02
Ritchie Bros Auctioneers Inc. up $ 0.79 at $ 83.19
Rocky Mountain Dealerships Inc. up $ 0.03 at $ 7.03
(All figures are in Canadian dollars.)

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