By Commodity News Service Canada
Winnipeg, May 7 – The Canadian dollar was lower against its American counterpart Thursday morning, as energy companies announced more losses in the wake of plunging oil prices.
At 8:50 CDT Thursday morning, the loonie was down 0.0054 of a cent to US$0.8249 or US$1 = C$1.2123. Enbridge announced a quarterly loss of C$383 million while Canadian Natural Resources says it lost C$252 million. CNR says it plans to trim its capital spending by C$5.7 billion as a result.
In the telecommunications sector, Telus announced a rise in quarterly profits. The company is reporting wireless revenue rose to C$1.7 billion in the latest quarter.
On the commodity markets the June crude contract in New York fell US$0.38 to US$60.55 a barrel. The June gold contract dipped $3.70 to US$1,1186.60 an ounce.
At 8:50 CDT Thursday morning, the TSX was down 49.81 points to 14,974.08.
