Canadian Financial Close: Loonie soars as commodities rise

By Commodity News Service Canada

WINNIPEG, February 3 – The Canadian dollar chalked up massive gains against its US counterpart Wednesday. The loonie gained well over a cent on the day, propelled by gains in gold, oil and other commodities.

The Canadian dollar closed at US$0.7261 or US$1 = C$1.3773.

The S&P/TSX Composite Index rose 150.76 points, or 1.20%, to 12,593.02.

The market was supported by news US home improvement giant Lowe’s has offered S3.2 billion dollars for Quebec-based Rona. Initial indications are the offer will be accepted.

Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.34 at $ 35.00
Agrium Incorporated———-up $ 1.59 at $118.54
Buhler Industries————– $ 0.00 at $ 5.02
Maple Leaf Foods————-dn $ 0.12 at $ 22.56
Potash Corp. of Sask———up $ 1.02 at $ 22.19

(All figures are in Canadian dollars.)