By MarketsFarm
WINNIPEG, Oct. 21 (MarketsFarm) – The Canadian dollar was higher at market close on Monday, marking the loonie’s highest point in three months with the gains fueled by the federal election.
The loonie finished the day at US$07636 or US$1=C$1.3096, which compares with Friday’s close of US$0.7615 or C$1.3132.
Canadian voters pick their next government today, with results coming throughout this evening. It’s widely expected the next government will likely be a Liberal or a Conservative minority.
Benchmark oil prices were lower on Monday due to continuing concerns about the United States/China trade war. Also, Russia announced the country’s oil industry failed to meet the production cut quota agreed to with OPEC.
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Brent crude oil crude oil lost 38 cents to close at US$59.04 per barrel, while West Texas Intermediate (WTI) was down 34 cents to close at US$53.44 per barrel. Western Canadian Select crude slipped 17 cents at US$36.68 per barrel.
The TSX/S&P Composite Index was up 41.33 points on Monday to close at 16,418.45 points, as the potential for a partial U.S./China trade deal was seen in a positive light on the North American stock markets.
In the U.S., the Dow Jones gained 55.44 to close at 26,827.64 and the NASDAQ was up 73.45 to end at 8,162.99 points. The S&P 500 rose 20.52 to finish at 3,006.72 points.
The price of gold was down US$7.00 on Monday to close at US$1,487.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.60
Maple Leaf Foods up $ 0.14 at $ 30.20
Nutrien Ltd. dn $ 0.24 at $ 64.03
Ritchie Bros Auctioneers Inc. up $ 0.16 at $ 52.50
Rocky Mountain Dealerships Inc. dn $ 0.02 at $ 6.88
(All figures are in Canadian dollars.)
