By MarketsFarm
WINNIPEG, Sept. 9 (MarketsFarm) – The Canadian dollar was stronger at market close on Monday, due to the increases in crude oil prices.
The loonie finished the day at US$0.7602 or US$1=C$1.3155, which compares with Friday’s close of US$0.7591 or C$1.3174.
Benchmark oil prices were higher Monday, after Saudi Arabia’s new oil minister, Prince Abdulazziz bin Salman, stated OPEC’s alliance with Russia and other oil-producing countries will stay in place with no increase in production.
Brent crude oil gained US$1.14 to close at US$62.68 per barrel. West Texas Intermediate (WTI) crude oil rose US$1.48 to close at US$58.00 per barrel.
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Western Canadian Select (WCS) crude oil was up US$1.01 at US$45.30 per barrel. That widened WCS/WTI price differential by 47 cents at US$12.70 per barrel.
The TSX/S&P Composite Index was down 40.24 points on Monday, to close at 16,495.09 due to losses in material and technology stocks.
In the United States, the Dow Jones was up 38.80 to finish the day at 26,836.26 points. However, the S&P 500 was flat, with a slip of 0.26 to end at 2,978.45 points, and the NASDAQ was down 15.63 at 8,087.44 points.
Gold was down US$7.60 on Monday to close at US$1,507.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.96 at $ 3.60
Linamar Corp. up $ 0.71 at $ 41.42
Maple Leaf Foods dn $ 0.19 at $ 30.47
Nutrien Ltd. dn $ 0.87 at $ 67.25
Ritchie Bros Auctioneers Inc. dn $ 0.30 at $ 51.26
(All figures are in Canadian dollars.)
