By Commodity News Service Canada
June 20 – The Canadian dollar slipped today, off-setting recent gains it had made relative to the US currency.
The dollar closed at .7539 cents US Tuesday (C$1.3267 per US dollar) compared to .7564 cents US (C$1.3220) Monday.
The S&P/TSX closed down 116.4 points at 15,149.60, the Dow Jones Industrial average lost 61.85 to close at 21,467.14, the S&P 500 lost 16.43 points and ended the day at 2,437.03 and the Nasdaq shed 50.98 points to close at 6,188.03.
The TSX fall was blamed on weakness in the energy sector as crude oil prices declined. The August crude oil contract closed at US$43.51 per barrel, a 92 cent drop.
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Among the hardest hit was Cenovus Energy, whose shares fell 10 per cent after it announced the retirement of its chief executive officer and a plan to sell assets as a cost-cutting measure.
In addition to Canadian markets, falling oil prices caused declines on stock markets worldwide. The slide was assisted by U.S. dollar gains in the wake of the U.S. Federal Reserve support for higher interest rates.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.22 at $ 24.25
Agrium Incorporated———-dn $ 1.38 at $122.34
Buhler Industries————– $ 0.00 at $ 4.21
Maple Leaf Foods————-up $ 0.14 at $ 32.77
Potash Corp. of Sask———dn $ 0.30 at $ 21.80
(All figures in Canadian dollars.)
