Canadian Financial Close: Manufacturing reports keep loonie steady

By MarketsFarm

WINNIPEG, Dec. 2 (MarketsFarm) – The Canadian dollar was firm at market close on Monday, as a positive Canadian manufacturing report balanced off a negative report for the United States.

The loonie finished the day at US$0.7520 or US$1=C$1.3297, which compares with Friday’s close of US$0.7525 or C$1.3289.

The IHS Markit Canada Manufacturing Purchasing Managers’ Index reported growth in November, marking the ninth-straight month of expansion. Meanwhile, the Institute for Supply Management reported U.S. manufacturing shrunk for the fourth consecutive month in November.

Benchmark oil prices were slightly higher on Monday as indications pointed to OPEC and its allies were set to continue their production cuts into 2020. Production was cut by 1.2 million barrels per day in January and it’s expected that will be increased to 1.6 million next month. However, the negative news on U.S. manufacturing tempered gains.

Brent crude oil was up 43 cents to close at US$60.92 per barrel, and West Texas Intermediate (WTI) gained 79 cents to close at US$55.96 per barrel. Bucking the trend was Western Canadian Select crude, which slipped 78 cents at US$35.32 per barrel.

The TSX/S&P Composite Index lost 58.73 on Monday to finish at 16,981.47 points on news that the U.S. will impose steel tariffs on Argentina and Brazil.

Gold slid US$4.00 on Monday, closing at US$1,468.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.60
Linamar Corp. up $ 0.28 at $ 44.94
Maple Leaf Foods dn $ 0.27 at $ 24.16
Nutrien Ltd. dn $ 0.87 at $ 61.83
Ritchie Bros Auctioneers Inc. up $ 0.11 at $ 57.51
Rocky Mountain Dealerships Inc. up $ 0.30 at $ 6.70
(All figures are in Canadian dollars.)

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