WINNIPEG, April 12 (MarketsFarm) – The Canadian dollar was up at market close on Friday due to increases in benchmark crude oil prices.
The dollar finished Friday at US$0.7502 or US$1=C$1.3329, which compares with Thursday’s close of US$0.7475 or C$1.3378.
Benchmark oil prices were stronger on Friday due tightening global supplies from OPEC/Russia supply cuts, civil war in Libya, and United States sanctions on Iran and Venezuela. Added to that, China reported its economy was doing better than expected; meaning its demand for oil will not decrease.
West Texas Intermediate crude oil rose 21 cents to close at US$63.79 per barrel. Brent crude oil was up 73 cents to close at US$71.56 per barrel.
The TSX/S&P Composite Index was up 81.06 points on Friday to finish at 16,480.53 points, a new high for 2019. The gain was made on the strength of the energy sector.
The markets in the U.S. were up on higher than expected earnings by JPMorgan. The S&P500 gained 19.09 points to end trading at 2,907.41 points. The NASDAQ was up 36.80 points to finish at 7,984.16 points. The Dow Jones gained 269.25 points to wind up the week at 26,412.30 points.
Gold was up US$1.00 on Friday to US$1,294.80 per ounce.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients up $ 0.02 at $ 17.95
Buhler Industries up $ 0.01 at $ 3.62
Linamar Corp. up $ 0.90 at $ 51.26
Maple Leaf Foods up $ 0.09 at $ 30.28
Nutrien Ltd. dn $ 0.28 at $ 69.50
Ritchie Bros Auctioneers Inc. up $ 0.66 at $ 45.77
Rocky Mountain Dealerships Inc. up $ 0.02 at $ 9.26
(All figures are in Canadian dollars.)