Canadian Financial Close: Crude oil, TSX tumble on Tuesday

The Canadian dollar exited the Labour Day weekend below the 74 United States cent mark.

The loonie closed at US$0.7381 or US$1=C$1.3548, compared to US$0.7412 or US$1=C$1.3491 on Friday. The Bank of Canada did not post an exchange rate on Monday due to Labour Day.

The United States Dollar Index was up 0.13 of a point at 101.78.

Weak economic data from China and speculation that OPEC+ will increase output later this year plunged crude oil prices. West Texas Intermediate (WTI) fell US$3.26 at US$70.29 per barrel. Brent crude oil erased US$3.81 at US$73.71/barrel.

A disappointing report from the Institute for Supply Management in the U.S. caused stock markets, including the TSX Composite Index, to tumble on Tuesday, losing 303.73 points at 23,042.45.

Gold declined US$4.10 at US$2,523.50 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.40

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 1.55     at $ 61.65

Maple Leaf Foods                 up  $ 0.04     at $ 22.12

Nutrien Ltd.                     dn  $ 2.35     at $ 62.92

RB Global Inc.                   dn  $ 1.95     at $114.15 

(All figures are in Canadian dollars.)