Canadian Financial Close: Loonie slips while TSX gains

By MarketsFarm

WINNIPEG, May 14 (MarketsFarm) – The Canadian dollar was down slightly at market close on Tuesday, while the North American stock markets saw gains, correcting somewhat from Monday’s losses.

The dollar finished Tuesday at US$0.7424 or US$1=C$1.3469, which compares with Monday’s close of US$0.7431 or C$1.3457.

Stock markets recovered a fair bit of ground on Tuesday as tensions over the United States/China trade war eased. Although U.S. President Donald Trump said he would meet with Chinese President Xi Jinping at the June G20 Summit in Japan, Treasury Secretary Steven Mnuchin departed for Beijing to resume negotiations.

The TSX/S&P Composite Index rose 91.12 points on Tuesday to finish at 16,284.53 points, which included support from health care and energy stocks.

The Dow Jones climbed by 212.48 points at 25,537.47 points. The NASDAQ was up 87.47 at 7,734.49 points, and the S&P 500 gained 22.78 to end trading at 2,834.65 points.

Benchmark oil prices were also up on Tuesday, due to claims of drone attacks on oil facilities in Saudi Arabia. Two days earlier, Saudi oil tankers were said to have been sabotaged off the coast of the United Arab Emirates.

West Texas Intermediate crude oil was up 67 cents to close at US$61.71 per barrel. Brent crude oil was up 95 cents to close at US$71.18 per barrel.

Gold was down US$4.00 on Tuesday to close at US$1,297.80 per ounce.

Canada’s agricultural sector fared as follows:

AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.61
Linamar Corp. up $ 0.12 at $ 45.20
Maple Leaf Foods up $ 0.50 at $ 32.63
Nutrien Ltd. dn $ 0.37 at $ 67.13
Ritchie Bros Auctioneers Inc. up $ 1.12 at $ 44.76
Rocky Mountain Dealerships Inc. unchanged at $ 8.60
(All figures are in Canadian dollars.)

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