Canadian Financial Close: Loonie bumps up some more
Criticism towards capital gains increases
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar climbed a little higher on Friday, supported by a dip in its United States counterpart and small increases in crude oil.
The loonie closed at US$0.7274 or US$1=C$1.3748, compared to Thursday’s finish of US$0.7265 or US$1=C$1.3764. On the U.S. Dollar Index, the greenback eased back 0.017 of a point at 105.965.
Benchmark crude oil prices were slightly higher on Friday, as Israel’s drone attack on Iran had little effect in the markets.
Brent crude oil tacked on six cents at US$87.17 per barrel and West Texas Intermediate gained 52 cents at US$83.25.
Following the federal government’s budget earlier this week, there has been a growing amount of opposition to its plan to up capital gains taxes. Criticism has come from the CEO of the National Bank of Canada and in particular from former Liberal finance minister Bill Morneau.
The TSX Composite Index added 98.93 points on Friday, to close at 21,807.37.
Gold was up US$4.40 at US$2,402.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.24 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.03 at $ 64.63 Maple Leaf Foods up $ 0.24 at $ 23.62 Nutrien Ltd. up $ 0.05 at $ 72.56 RB Global Inc. up $ 0.03 at $ 99.87
(All figures are in Canadian dollars)
