Canadian Financial Close: Fewer new coronavirus cases boosts oil

By MarketsFarm

WINNIPEG, Feb. 19 (MarketsFarm) – The Canadian dollar was higher at market close on Wednesday, due to gains in crude oil prices.

The loonie finished the day at US$0.7558 or US$1=C$1.3231, which compares with Tuesday’s close of US$0.7543 or C$1.3258.

Benchmark crude oil prices were stronger on Wednesday as another drop in the number coronavirus cases in China was reported.

Brent crude oil jumped US$1.32 at US$59.07 per barrel, and West Texas Intermediate (WTI) gained US$1.27 at US$53.32 per barrel. Western Canadian Select (WCS) rose US$1.65 to close at US$36.44 per barrel.

The TSX/S&P Composite Index was up 67.02 to finish the day at 17,925.16 points, following the lead of the United States markets.

On the strength of gains in technology stocks, the Dow Jones was up 115.63 to close at 29,347.82 points. Following suit were the NASDAQ with an increase of 84.44 to end today’s session at 9,817.18 points, and the S&P 500 with a 15.81-point gain to finish at 3,386.10.

Gold was up US$9.88 on Wednesday to close at US$1,611.49 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.95
Linamar Corp. up $ 0.23 at $ 41.96
Maple Leaf Foods dn $ 0.27 at $ 25.62
Nutrien Ltd. up $ 1.00 at $ 55.59
Ritchie Bros Auctioneers Inc. up $ 0.54 at $ 57.32
Rocky Mountain Dealerships Inc. unchanged at $ 6.35
(All figures are in Canadian dollars.)

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