Canadian Financial Close: TSX weakens after terror attacks

By Commodity News Service Canada

WINNIPEG, March 22 – The Canadian dollar closed higher against its US counterpart on Tuesday as investors reacted to the Canadian budget. The government announced this year’s deficit would be 29 billion dollars but much of that money was earmarked for infrastructure improvements and other projects designed to kick-start economic growth.

The dollar also took strength from gains in gold issues, as investors looked for safe havens in the aftermath of Tuesday’s terror attacks in Belgium.

The Canadian dollar closed at US$0.7642 or US$1 = 1.3085 on Tuesday. That compares to Monday when the loonie closed at US$0.7642 or US$1 = 1.3085.

The Standard & Poor’s/TSX Composite Index declined on Tuesday as weaker oil prices and the terror attacks weighed down global equities. In all, seven of the 10 major groupings in the Toronto exchange finished lower.

However, Valeant Pharmaceutical’s decision to look for a new CEO sparked a major rally for the beleaguered company as it gained 10%.

The S&P/TSX Composite Index fell 67.60 points, or 0.50%, to 13,493.49.

Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 1.09 at $ 38.74
Agrium Incorporated———-dn $ 1.88 at $118.70
Buhler Industries————– $ 0.00 at $ 4.86
Maple Leaf Foods————-up $ 0.17 at $ 27.23
Potash Corp. of Sask———dn $ 1.13 at $ 23.64

(All figures are in Canadian dollars.)