By MarketsFarm
WINNIPEG, Jan. 9 (MarketsFarm) – The Canadian dollar was stronger on Monday, as a move by China to reopen its borders led to some increased optimism in global financial markets.
The Canadian dollar settled at US$0.7476 or US$1=C$1.3376 on Monday, which compares with Friday’s close of US$0.7415 or US$1=C$1.3486.
The value of building permits issued in Canada climbed by 14.1 per cent in November, hitting C$11.0 billion, according to a report from Statistics Canada. The increase came after two consecutive months of losses.
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Crude oil was boosted by news that China was reopening its borders after three years of requiring incoming travelers to quarantine. The easing COVID-19 restrictions in the country were expected to lead to increased fuel demand, with China also increasing its oil import quotas. West Texas Intermediate was up by 1.4 per cent at US$74.81 per barrel.
The TSX Composite Index was stronger, up 42.56 points or 0.21 per cent late in the day at 19,857.07 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 1.88
Linamar Corp.——————–dn $ 0.64 at $ 62.86
Maple Leaf Foods—————–up $ 0.50 at $ 26.25
Nutrien Ltd.———————dn $ 1.07 at $102.91
Ritchie Bros Auctioneers Inc.—-dn $ 0.64 at $ 78.21
Farmers Edge Inc.—————-up $ 0.02 at $ 0.29
(All figures are in Canadian dollars.)
