MONEY IN BRIEF
Currencies
These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Wednesday. Quotations in Canadian funds. Australia dollar Brazil real China renminbi Euro Hong Kong dollar India rupee Indonesia rupiah Japan yen Malaysia ringgit Mexico peso N.Z. dollar Norway krone Peruvian new sol Russia rouble Saudi riyal Singapore dollar South Africa rand South Korean won Sweden krona Switzerland franc Taiwanese dollar Thailand baht Turkey lira U.K. pound U.S. dollar
Vietnam dong 0.9815 0.3727 0.2010 1.5620 0.1607 0.01921 0.000092 0.01176 0.3243 0.06997 0.9242 0.1626 0.3922 0.02060 0.3364 0.9629 0.10570 0.001185 0.1503 1.3042 0.04303 0.04042 0.3127 1.7936 1.2614 0.000055
Financial highlights
Highlights at the close Wednesday at world financial market trading.
Stocks:
S&P/TSX Composite Index – 15,529.97, up 176.67 points Dow – 24,748.07, down 38.56 points
S&P 500 – 2,708.64, up 2.25 points
Nasdaq – 7,295.24, up 14.14 points
Currencies:
Cdn – 79.28 cents US, down 0.39 of a cent
Pound – C$1.7936, down 0.18 of a cent
Euro – C$1.5620, up 1.11 cents Euro – US$1.2383, up 0.27 of a cent
Oil futures:
US$68.47, up $1.96
(June contract)
Gold futures:
US$1,353.50 per oz., up $4.00 (June contract)
Canadian Fine Silver Handy and Harman:
$22.622 oz., up 64.1 cents $727.30 kg., up $20.61
The markets today
TORONTO (CP) — An optimistic growth outlook from the Bank of Canada and price spikes for key commodities helped Canada’s main stock index surge higher Wednesday, while U.S. markets made mild gains.
The Bank of Canada left its trendsetting interest rate at 1.25 per cent as first quarter growth was slower than expected, weighed down by the housing market and sluggish exports.
But the bank said it’s expecting the economy to rebound in the second quarter and full year growth is forecast at two per cent. It also said the economy is operating close to capacity and reiterated it expects further interest-rate hikes to be necessary over time.
The expected economic growth and rising oil prices both helped to prop up the Canadian market Wednesday, said Matthew Rodier, a portfolio manager vice-president at TD Wealth in Montreal. “There’s a few different factors. Positive sentiment from the governor of the bank of Canada, as well as crude inventories dropping, which was a surprise and led to the surge in the oil price.” The Toronto Stock Exchange’s S&P/TSX composite index closed up 176.67 points or 1.15 per cent at 15,529.97, led by gains of well over three per cent in base metals and energy sector indexes. Both sectors were boosted by rising prices. The June crude contract closed up $1.96 at US$68.47 per barrel and the May copper contract was up eight cents to US$3.16 a pound.