By MarketsFarm
WINNIPEG, April 18 (MarketsFarm) – The Canadian dollar dropped below 75 U.S. cents on Wednesday, as stocks and oil values strengthened ahead of the long weekend
The Canadian dollar closed at US$.7473 or US$1=C$1.3382, down from Wednesday’s close of US$.7501 or US$1=C$1.3332.
The S&P/TSX Composite Index gained 42.02 points to close at 16,544.24, thanks to strong performances by energy stocks.
The NASDAQ closed up, gaining 1.98 at 7,998.06 points. Similarly, The Dow Jones gained 110 points to close at 26,559.54. The S&P 500 Index was up by 4.58 points, closing at 2,905.03 points.
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Stock indexes rallied on Thursday thanks to gains in industrial companies. Pinterest and Zoom Video Communication also soared on their first day of trading, according to reports.
Further market gains were capped by losses in the health care and energy sector.
Oil prices gained across the board on Thursday, thanks to continued production cuts led by OPEC. However, “uncertainty about the coalition’s ability to sustain output cuts and the impacts of U.S. sanctions on Iran have muddied the outlook,” according to Bloomberg. West Texas Intermediate gained 30 cents to hit US$64.06 per barrel, and Brent Crude similarly gained 37 cents to trade at $71.99 cents per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients——-up $ 0.04 at $ 17.99
Buhler Industries————–dn $ 0.01 at $ 3.61
Linamar Corp ——————up $ 0.76 at $ 53.09
Maple Leaf Foods—————dn $ 0.15 at $ 30.59
Ritchie Bros Auctioneers Inc.–up $ 0.51 at $ 46.67
Rocky Mountain Dealership Inc.-dn $ 0.02 at $ 9.31
North American markets will be closed for the Good Friday holiday on April 19. We will re-open Monday morning.
(All figures are in Canadian dollars.)
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