Canadian Financial Close: Loonie slips with TSX, crude oil

By MarketsFarm

WINNIPEG, June 12 (MarketsFarm) – The Canadian dollar was down at market close on Wednesday, due to losses on the TSX and lower crude oil prices.

The loonie finished the day at US$0.7517 or US$1=C$1.3303, which compares with Tuesday’s close of US$0.7531 or C$1.3278.

The TSX/S&P Composite Index was down 21.52 points on Wednesday to finish at 16,227.24, following losses on the United States stocks markets and over fears of a global economic slowdown caused by the U.S./China trade war.

Benchmark oil prices dropped on Wednesday as the U.S. continues to build up its crude oil stockpiles and over concerns of declining global demand. Brent crude oil dropped US$2.42 to close at US$59.87 per barrel. West Texas Intermediate crude oil fell US$2.20 to close at US$51.07 per barrel.

As of June 11, the price differential between WTI and Western Canadian Select crude oil narrowed by 36 cents at US$13.11 per barrel. Also, the price of WCS gained 37 cents on Tuesday and closed at US$40.16 per barrel.

Gold was up US$5.60 on Wednesday to close at US$1,336.80 per ounce.

Canada’s agricultural sector fared as follows:

AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.67
Linamar Corp. dn $ 0.47 at $ 45.05
Maple Leaf Foods up $ 0.32 at $ 30.73
Nutrien Ltd. up $ 0.95 at $ 70.65
Ritchie Bros Auctioneers Inc. up $ 0.59 at $ 46.58
Rocky Mountain Dealerships Inc. dn $ 0.01 at $ 8.48
(All figures are in Canadian dollars.)

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