Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, due to higher than expected inflation pushing up the currency.
The loonie closed at US$0.7999 or US$1=C$1.2502, compared to Tuesday’s close of US$0.7921 or US$1=C$1.2624.
Statistics Canada reported that the Consumer Price Index came in higher than expectations, at an annual rate of 6.7 per cent in March. That marked the highest level of inflation since January 1991. Analyst believed the report would have pegged inflation at 6.1 per cent.
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On the United States Dollar Index, the greenback lost 0.609 of a point at 100.355.
Benchmark crude oil prices were relatively steady on Wednesday, as tight supplies and stagnating demand countered each other.
Brent crude oil was up 11 cents at US$107.36 per barrel. West Texas Intermediate (WTI) crude oil gained 19 cents at US$102.75 per barrel. Western Canadian Select (WCS) slipped four cents at US$90.15 per barrel.
The TSX Composite Index eased back 20.44 points on Wednesday to finish at 21,998.38.
Gold was down 90 cents at US$1,958.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.67
Farmers Edge Inc. dn $ 0.16 at $ 2.84
Linamar Corp. dn $ 0.08 at $ 51.53
Maple Leaf Foods dn $ 0.40 at $ 28.35
Nutrien Ltd. dn $ 1.67 at $141.37
Ritchie Bros Auctioneers Inc. up $ 1.05 at $ 71.60
(All figures are in Canadian dollars.)
