By Commodity News Service Canada
WINNIPEG, Aug. 31 – The Canadian dollar gained 0.84 of a cent U.S. compared to the U.S. greenback due mainly to positive gross domestic product growth that shows the economy growing at its fastest rate in almost six years.
The loonie closed today at US$0.7977 or C$1.2536 per US$1. It closed yesterday at US$0.7933 or C$1.2605 per US$1.
The Toronto Dominion Bank helped lift the S&P/TSX early in the day with its shares rising 2.9 per cent to C$66.77, following its quarterly report that showed it beat analysts’ expectations.
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As well, strong consumer spending helped boost Canada’s economy to its best growth for almost six years. Gross domestic product grew 4.5 per cent for the quarter, above most economists’ forecasts of 3.7 per cent.
Those numbers boosted the S&P/TSX with the Toronto index gaining 78.74 points, or 0.52% to 15,211.87.
Gasoline prices continued to climb, due mainly to Tropical Storm Harvey, which has forced the closure of many Texas refineries and leaving crude oil short of destinations for processing.
WTI crude ended the day up 1.12 cents U.S. to US$47.08.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.58 at $ 25.79
Agrium Incorporated———-dn $ 0.13 at $122.58
Buhler Industries————– $ 0.26 at $ 4.45
Maple Leaf Foods————-dn $ 0.20 at $ 34.24
Potash Corp. of Sask———dn $ 0.03 at $ 21.76
(All figures are in Canadian dollars.)
