Canadian Financial Close: Loonie up, Carney swears in as new PM
Glacier FarmMedia | MarketsFarm – The Canadian dollar made up some ground on Friday, the first day of a new era in Canadian politics.
The loonie ended the day at US$0.6950 or US$1=C$1.4388, compared to US$0.6940 or US$1=C$1.4409 on Thursday. Mark Carney was sworn in as Canada’s 24th Prime Minister, as well as his cabinet, in Ottawa earlier today. Francois-Philippe Champagne, a cabinet minister with Justin Trudeau’s government, moved over from innovation, science and industry to the finance portfolio.
On Thursday, Canadian and United States delegations met in Washington, D.C. to try to reduce trade war tensions between the two countries. Ontario Premier Doug Ford told the media progress was made during the meeting and the two sides will meet again next week.
The U.S. Dollar Index declined 0.10 of a point at 103.73.
Crude oil rose on Friday, partly due to a weaker U.S. dollar. Brent crude oil increased US$0.62 at US$70.50 per barrel. West Texas Intermediate moved upwards by US$0.59 at US$67.14/barrel.
The TSX/S&P Composite Index surged 350.17 points at 24,553.40.
Gold increased $0.60 per ounce at US$2,991.90.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 7.26
Farmer’s Edge Inc. unchanged at $ 0.345
Linamar Corp. up $ 0.62 at $ 52.14
Maple Leaf Foods dn $ 0.07 at $ 24.89
Nutrien Ltd. up $ 0.68 at $ 72.96
RB Global Inc. up $ 1.22 at $137.61
(All figures are in Canadian dollars.)
