Glacier FarmMedia COVID-19 & the Farm

Canadian Financial Close: Dollar remains low

By MarketsFarm

WINNIPEG, March 11 (MarketsFarm) – The Canadian dollar was slightly weaker on Wednesday, remaining at its lowest point in years.

The dollar finished the day at US$0.7275 or US$1=C$1.3745, compared to Tuesday when it closed at US$0.7283 or US$1=C$1.3731.

Financial indices were in turmoil again, following an announcement from the World Health Organization officially designating the COVID-19 coronavirus outbreak as a pandemic. Many central banks around the world have announced stimulus plans in order to counteract the economic impact of the rapidly-spreading disease.

The TSX Composite Index lost 688 points to close at 14,270.09. The S&P 500 was down by nearly five per cent, decreasing by 140.85 to close at 2,741.38. The Dow Jones lost almost six per cent, down by 1,464.94 points at 23,553.22. The NASDAQ was down 392.20 to finish at 7,952.05.

Brent crude oil was down by US$1.60 to close at US$35.62 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.61 to close at US$32.75 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries unch at $ 2.85
Linamar Corp. dn $ 1.87 at $ 29.18
Maple Leaf Foods up $ 0.02 at $ 21.43
Nutrien Ltd. dn $ 2.43 at $ 44.02
Ritchie Bros Auctioneers Inc. dn $ 2.82 at $ 51.15
Rocky Mountain Dealerships Inc. dn $ 0.20 at $ 5.74

(All figures are in Canadian dollars.)

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