Canadian Financial Close: Loonie, oil down as stocks rise

By MarketsFarm

WINNIPEG, Sept. 11 (MarketsFarm) – The Canadian dollar was weaker at market close on Wednesday, as crude oil prices fell.

The loonie finished the day at US$0.7587 or US$1=C$1.3181, which compares with Tuesday’s close of US$0.7603 or C$1.3153.

Benchmark oil prices were lower Wednesday, as United States President Donald Trump signaled he would consider easing sanctions on Iranian crude oil exports. The move comes ahead of a summit between Trump and Iranian President Hassan Rouhani later this month.

Brent crude oil lost US$1.29 to close at US$61.09 per barrel. West Texas Intermediate (WTI) crude oil dropped US$1.40 to close at US$56.00 per barrel. Western Canadian Select (WCS) crude oil fell US$1.53 at US$44.01 per barrel.

The TSX/S&P Composite Index was up 73.80 points on Wednesday, to close at 16,611.14.

Stocks in the U.S. also rose today on news that China has exempted more than a dozen U.S. imports from tariffs. The action was a show of goodwill before next month’s trade negotiations.

The Dow Jones gained 227.61 to close at 27,137.68 points. The NASDAQ rose 85.52 to end trading at 8,169.68 points. The S&P 500 was up 21.54 to finish at 3,000.93 points.

Gold was up US$5.30 on Wednesday to close at US$1,504.40 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.05 at $ 3.60
Linamar Corp. up $ 0.56 at $ 42.80
Maple Leaf Foods up $ 0.51 at $ 30.88
Nutrien Ltd. dn $ 0.45 at $ 68.34
Ritchie Bros Auctioneers Inc. dn $ 0.10 at $ 50.39
Rocky Mountain Dealerships Inc. dn $ 0.06 at $ 7.11
(All figures are in Canadian dollars.)

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