Canadian Financial Close: Dollar holds steady, oil falls in face of hurricane threat

By Commodity News Service Canada

WINNIPEG, Aug. 24 – The Canadian dollar held fairly steady today, despite declines in oil values.
It closed slightly higher compared to the U.S. dollar at 79.81 cents U.S., or C$1.2529 per US$1. Yesterday, it closed at 79.59 cents U.S., or C$1.2564 per US$1.

The S&P/TSX composite index gained 13 points, (0.09%) thumbing its nose at falling oil prices as petroleum companies along the Gulf of Mexico shutter operations in preparations for a possible hurricane. The S&P/TSX was at 15,076.16. Materials led the gains, rising 0.6% with copper prices continuing to climb.

Oil prices fell today as U.S. states along the Gulf of Mexico braced for tropical storm Harvey, which is expected to build into a full-scale hurricane and hit the mid-Texas coast Friday or Saturday. Two oil refineries have already shut down operations to prepare and others may follow suit.
WTI crude was down 78 cents U.S. to US$47.63.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–up $ 0.41 at $ 24.31
Agrium Incorporated———-dn $ 0.24 at $120.95
Buhler Industries————– $ 0.00 at $ 4.19
Maple Leaf Foods————-dn $ 0.35 at $ 34.54
Potash Corp. of Sask———dn $ 0.03 at $ 21.56

(All figures are in Canadian dollars.)