By Commodity News Service Canada
WINNIPEG, Aug. 1 (CNS) – The Canadian dollar slipped slightly against American currency Tuesday, as U.S. dollar strengthened compared to a basket of international currencies, following yesterday’s decline, which was credited to White House chaos.
The Canadian dollar finished the day at below 80 cents, at US$0.7991, or C$1.2514 per US$1. The dollar closed yesterday at US$0.8010, or C$1.2485.
The S&P/TSX Composite Index posted strong gains, following larger-than-expected earnings reported in Air Canada’s and Shopify’s quarterly reports. Gold and financials led other sectors, while energy stocks struggled.
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The index gained 58.23 points, or 0.38%, to close at 15,202.10.
In New York, the Dow Jones marked a fifth straight record high today, helped along by a strong banking sector. The Dow gained 72.80 points (0.24%) to end the day at 21,963.92. The S&P 500 edged up 6.05 points (0.24%) and closed at 32,476.35. With two-thirds of the S&P 500’s indexed companies now having filed second quarter reports, 72 per cent have beaten analysts’ expectations. The Nasdaq gained 14.81 points (0.33%) to close at 6,362.94.
Air Canada shares jumped about 10 per cent following its report of a record C$300 million profit. The company posted the record profit for the quarter, ending June 30. The company’s share price was up 9.43% to C$21.73 at the close, from C$19.83 the previous day.
Prime Minister Justin Trudeau expressed optimism that a deal on softwood lumber was attainable with the United States. The trade irritant has become a key focal point as the two countries head into negotiations to renew the North American Free Trade Agreement.
General Motors Canada reported today that it sold 22 per cent more vehicles in July than it did a year ago. As well, GM Canada has sold 131,000 vehicles so far in 2017 (up to the end of July), 16 per cent more than in the same period a year ago. Meanwhile, sales in the United States have fallen 15 per cent from a year earlier.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.22 at $ 25.21
Agrium Incorporated———-up $ 0.09 at $124.85
Buhler Industries————– $ 0.00 at $ 4.15
Maple Leaf Foods————-dn $ 0.16 at $ 34.30
Potash Corp. of Sask———dn $ 0.05 at $ 22.25
(All figures are in Canadian dollars.)
