By MarketsFarm
WINNIPEG, March 5 (MarketsFarm) – The Canadian dollar was slightly lower at market close on Thursday, as fears toward the COVID-19 coronavirus generated losses on the markets.
The loonie finished the day at US$0.7454 or US$1=C$1.3415, which compares with Wednesday’s close of US$0.7467 or C$1.3392.
The TSX/S&P Composite Index was down 225.54 points to finish at 16,553.99.
Bank of Canada Governor Stephen Poloz acknowledged today that the central bank’s half a percentage point cut to its key interest rate is likely to generate a downturn over the next two fiscal quarters. However, the rate reduction in the longer term is to help bolster the Canadian economy against the coronavirus.
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Benchmark crude oil prices were down as well on Thursday, as fears over shrinking demand overpowered deeper production cuts coming from OPEC, Russia and their oil-allies. They agreed to reduce production by another 1.5 million barrels per day on top of the current 2.1 million.
Brent crude oil dropped US$1.15 at US$49.98 per barrel, and West Texas Intermediate (WTI) was down 81 cents at US$45.97 per barrel. Western Canadian Select slipped 31 cents to close at US$32.04 per barrel.
Gold gained US$32.80 on Thursday to close at US$1,669.73 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Linamar Corp. dn $ 1.14 at $ 35.36
Maple Leaf Foods up $ 0.23 at $ 23.21
Nutrien Ltd. dn $ 0.57 at $ 54.25
Ritchie Bros Auctioneers Inc. dn $ 1.43 at $ 54.61
Rocky Mountain Dealerships Inc. dn $ 0.06 at $ 6.40
(All figures are in Canadian dollars.)
