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Canadian Financial Close: Dollar dips, purging early gains

By Commodity News Service Canada

WINNIPEG, Sept. 13 – A jump in oil prices sparked early gains in the Canadian dollar that were later brought back to earth as the dollar closed at 82.05 cents U.S. or C$1.2187. The loonie closed yesterday at 82.24 cents U.S. or C$1.2159.
The Canadian dollar has risen almost 13 per cent relative to the U.S. currency since this spring.

Oil prices made headway today, rising after the International Energy Agency pointed to strong demand and lower output by major producers, which was starting to cut into world supplies.

WTI crude closed up US$1.14 today at US$49.37.

The S&P/TSX composite index closed down 16.60 points (0.11%) to 15,126.81. Energy sector gains of 2.52% were offset by declines in all other sectors, except information technology, which gained 0.02%. Materials fell 1.31% on softer prices for metal, including gold and silver, with financial sectors, industrials and utilities also taking losses.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–up $ 0.22 at $ 25.44
Agrium Incorporated———-up $ 0.08 at $124.52
Buhler Industries————– $ 0.00 at $ 4.49
Maple Leaf Foods————-dn $ 0.25 at $ 33.85
Potash Corp. of Sask———– $ 0.00 at $ 22.20

(All figures are in Canadian dollars.)

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