Canadian Financial Close: Loonie steady as rate freeze continues

OPEC+ conference in doubt

By MarketsFarm

WINNIPEG, June 3 (MarketsFarm) – The Canadian dollar was relatively steady on Wednesday following the Bank of Canada’s announcement on interest rates.

The loonie finished the day at US$0.7405 or US$1=C$1.3504, compared to Tuesday when it closed at US$0.7399 or US$1=C$1.3515.

The Bank of Canada said its key rate would remain at 0.25 per cent. As well, the central bank stated the worst of the current economic crisis may have past.

The TSX Composite Index improved 180.75 points on Wednesday, to 15,575.11 as hopes of an economic recovery still dominated the market.

Benchmark crude oil prices were slightly lower on Wednesday as doubts are surfacing as to whether the OPEC+ alliance can agree to extend their production cuts passed June. Also, doubts have risen that tomorrow’s teleconference will go ahead.

Brent crude oil lost 27 cents at US$39.30 per barrel. West Texas Intermediate (WTI) crude oil was down 20 cents at US$36.61 per barrel. Western Canadian Select (WCS) dropped 92 cents at US$28.23 per barrel.

Gold sank US$29.89 at US$1,697.81 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.49
Linamar Corp. up $ 1.54 at $ 41.59
Maple Leaf Foods up $ 0.15 at $ 25.67
Nutrien Ltd. up $ 1.49 at $ 50.77
Ritchie Bros Auctioneers Inc. dn $ 0.09 at $ 58.00
Rocky Mountain Dealerships Inc. up $ 0.39 at $ 4.94
(All figures are in Canadian dollars.)

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