By Commodity News Service Canada
Aug. 16 – The Canadian dollar rebounded from the gentle declines posted for the last week, as investors waited to learn details from the first day of NAFTA trade negotiations between Canada, Mexico and the United States.
The Canadian dollar closed at US$0.7875 or C$1.2699 per US$1. It closed yesterday at US$0.7840 or C$1.2755 per US$1.
The U.S. dollar weakened as traders reacted the breakup of two business advisory groups set up by U.S. President Donald Trump, in the wake of Trump’s recent remarks about deadly clashes between white supremacist groups and protesters in Charlottesville, Virginia.
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The S&P/TSX composite index was up 22.28 points in mid-day trading but fell back and lost 17.88 points, or 0.12%, on the day to close at 15,079.96. Financials were generally weaker, while energy stocks lost 1.2 per cent overall as oil prices dipped. Base and precious metals climbed but could not offset the losses in other sectors.
General Motors announced that it plans to delist its shares from the Toronto Stock Exchange at the end of November due to low trading volume.
The S&P 500 gained 2.22 points (0.09%) to close at 2,466.83, the Dow Jones gained 18.99 points (0.09%) and closed at 22,017.98 and the Nasdaq gained 8.95 points (0.14%) to close at 6,341.96.
Oil prices fell today despite lower stockpiles of U.S. crude with oversupply problems still plaguing the sector. Inventories fell to 4.66 million barrels, the lowest since January 2016. That’s down 8.95 million barrels from the week previous.
WTI crude was down 71 U.S. cents (1.49%) at US$46.84.
Canada’s agricultural sector performed as follows:
>TB
AGT Food and Ingredients—–up $ 0.58 at $ 24.19
Agrium Incorporated———-dn $ 0.05 at $125.33
Buhler Industries————up $ 0.09 at $ 4.25
Maple Leaf Foods————-up $ 0.28 at $ 35.04
Potash Corp. of Sask———dn $ 0.00 at $ 22.32
>TE
(All figures are in Canadian dollars.)
>SE
