Canadian stocks closed sharply lower on Thursday as fading hopes of a series of rate cuts by the Federal Reserve this year, and weak commodity prices rendered the mood bearish.
The Canadian market ended at a near 6-week low on Tuesday, weighed down by losses in materials and financials stocks. The mood remained cautious ahead of the Federal Reserve's monetary policy announcement, and some crucial economic data from the U.
Shares of Canadian Western Bank surged Wednesday on the news National Bank was buying it at a $5-billion valuation, while shares of other mid-sized banks also saw some gains as the acquisition trend continued. CWB shares closed up 68.