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Canadian Financial Close: Loonie falls despite stock market gains

WINNIPEG, MB, Dec. 7, 2017 (CNS Canada), Dec 07, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, Dec. 7 - The Canadian dollar fell slightly at close Thursday, despite gains in the stock markets and price of oil.

Oil prices climbed more than one per cent Thursday due to a threatened strike in Nigeria and as traders covered shorts after sharp losses the previous day brought on by an unexpectedly large rise in United States stocks of refined fuels. Brent crude futures rose 98 cents, or 1.6 per cent, to settle at US$62.20 per barrel.

Potash Corp of Saskatchewan's Chief Executive Officer Jochen Tilk met Thursday with authorities in Chile as the Canadian fertilizer company tries to divest its minority stake in Chilean lithium miner SQM ahead of its proposed merger with rival Agrium Inc. Potash Corp's move to sell its 32 per cent stake in SQM, a condition regulators in India and China have set for the Agrium merger, comes amid the Chilean miner's ongoing arbitration with its home country's government.

The Canadian dollar settled Thursday at US$0.7786 or C$1.2843, compared to Wednesday's North America close of US$0.7839 or C$1.2757.

In Toronto, the S&P/TSX Composite Index rose Thursday by 106.77, or 0.67 per cent, to 16,015.55.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----up  $ 1.22    at $ 20.37
     Agrium Incorporated----------up  $ 2.35    at $136.18
     Buhler Industries------------unchanged     at $  4.60
     Maple Leaf Foods-------------dn  $ 0.25    at $ 35.56
     Potash Corp. of Sask---------up  $ 0.47    at $ 24.31

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