Canadian Financial Close: Crude oil, stocks on the rise

Glacier FarmMedia MarketsFarm – The Canadian dollar regained some strength on Wednesday.

The loonie closed at US$0.7342 or US$1=C$1.3620, compared to US$0.7332 or US$1=C$1.3638 on Tuesday. The United States Dollar Index was down 0.11 of a point at 105.02.

Crude oil prices were higher after a drawdown of United States stockpiles and after OPEC+ maintained its oil demand growth forecast for 2024. Brent crude oil increased US$0.68 at US$85.34 per barrel. West Texas Intermediate (WTI) rose US$0.97 at US$82.38/barrel.

The TSX/S&P Composite Index jumped 307.73 points at 22,350.23. Both Nasdaq and the S&P 500 had record high closes at 18,647.45 and 5,633.91 points, respectively, due to rising Nvidia stock and bullish comments from U.S. Federal Reserve chair Jerome Powell.

Gold advanced US$10.90 at US$2,378.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.02

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 0.24     at $ 65.39

Maple Leaf Foods                 up  $ 0.13     at $ 24.53

Nutrien Ltd.                     dn  $ 0.49     at $ 65.74

RB Global Inc.                   up  $ 0.85     at $105.35

(All figures are in Canadian dollars.)