Compiled by MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – The Canadian dollar felt the pressure from the banking crisis on Wednesday. Concerns over the failure of the Silicon Valley Bank and the Signature Bank in the United States were ramped up today as European bank Credit Suisse teetered on the verge of collapse.
The loonie closed at US$0.7258 or US$1=C$1.3778, compared to Tuesday’s close of US$0.7312 or US$1=C$1.3677. That was further compounded by the U.S. Dollar Index, as the greenback jumped 1.145 points at 104.360.
Benchmark crude oil prices were weaker on Wednesday, due to growth in U.S. oil stockpiles and especially the banking crisis. However, prices managed to pull away from larger declines.
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Brent crude oil dropped US$2.90 at US$74.55 per barrel and West Texas Intermediate (WTI) retreated US$3.03 at US$68.30. Western Canadian Select (WCS) lost US$2.46 at US$51.96.
At the close, the TSX Composite Index fell 315.32 points, or 1.6 per cent, on Wednesday, at 19,378.84.
Gold added US$11.70 at US$1,922.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.03 at $ 2.37 Farmers Edge Inc. dn $ 0.01 at $ 0.24 Linamar Corp. dn $ 1.19 at $ 61.38 Maple Leaf Foods up $ 0.40 at $ 23.97 Nutrien Ltd. dn $ 3.66 at $100.38 Ritchie Bros Auctioneers Inc. dn $ 0.40 at $ 72.74
(All figures are in Canadian dollars.)
