Canadian Financial Close: Loonie closes lower after wild stock market week

By Commodity News Service Canada

WINNIPEG, Feb. 9 – The Canadian dollar ended the week down
as the price of oil continued to slip and the stock market
remained volatile.

The Canadian dollar settled Friday at US$0.7931 or
C$1.2609, compared to Thursday’s North American close of at
US$0.7946 or C$1.2585.

Oil prices slipped below US$60 per barrel for the first
time since December on renewed concerns about rising crude
supplies. Brent crude dropped nearly nine per cent this week to

settle at US$62.79 per barrel, while U.S. West Intermediate
crude fell 10 per cent to US$59.20 per barrel.

Wall Street managed to hold modest gains Friday in another
volatile session during a week which saw huge swings shaking the
market out of months of calm. On Friday alone the S&P500 swung
from as high as 1.5 per cent above to 1.9 per cent below, while
the Dow Jones Industrial Average moved in a range of more than
800 points.

In Toronto, the TSX/S&P Composite fell Friday, closing at
its lowest level in five months reflecting weakness in mining
stocks as gold futures and copper prices declined. The TSX/S&P
dropped 31.08 points, or 0.21 per cent, to 15,034.53.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–up $ 0.31 at $ 20.30
Buhler Industries————unchanged at $ 4.15
Maple Leaf Foods————-up $ 0.12 at $ 33.91
Nutrien Ltd.—————–dn $ 0.79 at $ 56.05

(All figures are in Canadian dollars.)

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