Canadian Financial Close: Loonie rallies along with stocks, oil

By MarketsFarm

WINNIPEG, March 25 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, as the Canadian government comes closer to passing an aid bill to assist Canadians impacted by the COVID-19 pandemic.

The dollar finished the day at US$0.6992 or US$1=C$1.4302, compared to Wednesday when it closed at US$0.6901 or US$1=C$1.4491.

The Canadian Emergency Response Benefit provides C$2,000 per month for up to four months to workers who lost their income due to the COVID-19 pandemic. The benefit is available to those who do qualify for Employment Insurance as well as those who don’t.

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Following the announcement, stock indices showed gains. The TSX Composite Index was up by 568.15 points to close at 13,139.15.

Brent crude oil gained 29 cents to close at US$27.44 per barrel. West Texas Intermediate (WTI) crude oil rose by 23 cents to close at US$24.23 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries                up  $ 0.56     at $  3.48
Linamar Corp.                    up  $ 1.77     at $ 27.32
Maple Leaf Foods                 dn  $ 0.90     at $ 20.61
Nutrien Ltd.                     up  $ 1.82     at $ 43.63
Ritchie Bros Auctioneers Inc.    dn  $ 0.68     at $ 44.34
Rocky Mountain Dealerships Inc.  up  $ 0.40     at $  4.00

(All figures are in Canadian dollars.)

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