Canadian Financial Close: Loonie closes above 79 U.S. cents

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Sept. 23 (MarketsFarm) – The Canadian dollar was stronger on Thursday, slightly higher than 79 U.S. cents as the United States dollar weakened and crude oil prices increased.

The loonie closed at US$0.7903 or US$1=C$1.2653, compared to Wednesday’s close of US$0.7839 or US$1=C$1.2756.

On the U.S. Dollar Index, the greenback dropped back 0.370 at 93.090 points.

Benchmark crude oil prices were higher on Thursday as global supplies continued to tighten in the face of rising demand and reduced production.

That included Syncrude Canada Ltd. which a report said it has slashed production by 20 per cent due to a mechanical disruption at its oil sands facility. As a result, Syncrude declared a force majeure.

Brent crude oil gained US$1.04 at US$77.23 per barrel. West Texas Intermediate (WTI) crude oil climbed US$1.01 cents at US$73.24 per barrel. Western Canadian Select (WCS) was up 81 cents at US$61.37 per barrel.

The TSX Composite Index rose 60.44 points on Thursday, to finish at 20,461.93.

Gold tumbled US$31.80 at US$1,747.00 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.21
Farmers Edge Inc. dn $ 0.25 at $ 4.55
Linamar Corp. up $ 1.60 at $ 65.21
Maple Leaf Foods dn $ 0.30 at $ 26.55
Nutrien Ltd. up $ 0.87 at $ 80.52
Ritchie Bros Auctioneers Inc. up $ 1.33 at $ 79.70
(All figures are in Canadian dollars.)

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