|Bid||68.54 x 0|
|Ask||68.56 x 0|
|Day's Range||67.80 - 68.59|
|52 Week Range||66.36 - 78.60|
|Beta (3Y Monthly)||0.97|
|PE Ratio (TTM)||10.23|
|Forward Dividend & Yield||3.48 (5.16%)|
|1y Target Est||N/A|
Let's talk about the popular The Bank of Nova Scotia (TSE:BNS). The company's shares saw its share price hover around...
(Bloomberg) -- Canada’s labor market stalled for a second straight month as the private sector shed jobs, a sign the nation’s economy may be gearing down in the back half of the year.The country lost 24,200 jobs in July, Statistics Canada said Friday in Ottawa, versus expectations for a gain of about 15,000. That follows a decline of 2,200 jobs in June. The unemployment rate rose to 5.7%, a second straight increase after reaching a four-decade low of 5.4% in May.The labor market appears to be pulling back from a torrid pace that saw 247,500 new jobs added in the first six months of 2019, one of the strongest first half performances on record. The question now is whether the slowdown is simply a natural paring back from an unsustainable pace of employment growth, or the start of a more ominous downtrend.“The Canadian job market remains robust, with unemployment rates remaining near historic lows,” said Brett House, deputy chief economist at Bank of Nova Scotia. Still, the report “may be an early sign of economy-wide cooling into the second half of 2019.”The Canadian currency slipped initially on the report, dropping as much 0.2% to C$1.3259 per U.S. dollar, before returning to gains amid rising oil prices. Yields on two-year Canadian government bonds were little changed.Weaker employment numbers may also stoke bets on Bank of Canada interest rate cuts, though accelerating wages should give the central bank pause when it comes to easing. Evidence of accelerating wages was one of the few pockets of strength, with hourly pay up 4.5% in July from a year ago. That’s the strongest annual rise in a decade and may reflect the effects of labor-market tightening earlier this year.“The report had a bit for both buyers and sellers,” said Simon Harvey, a London-based currency analyst at Monex Europe Ltd, citing the offsetting factors of negative job growth and faster wage gains.At the very least, back-to-back poor readings for employment affirm expectations the economy is slowing from a strong second-quarter performance. The underlying details of the July report were also weak. Hours worked on a year-over-year basis slowed sharply, and the number of people employed by private sector companies plunged by 69,300, the most since the last recession.One area of strength was the construction sector, which recorded a 25,000 gain in employment. Service industries as a whole were the laggards, with a 26,300 drop that was the largest since January 2018. There were declines in both full-time and part-time employment in July.Wages continued to show signs of strength. Annual hourly pay gains are up more than two percentage points from levels at the start of the year.(Adds analyst comments in fourth and eighth paragraphs.)\--With assistance from Erik Hertzberg and Katherine Greifeld.To contact the reporter on this story: Theophilos Argitis in Ottawa at firstname.lastname@example.orgTo contact the editors responsible for this story: Theophilos Argitis at email@example.com, Chris FournierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Nickel has long had a reputation for being among the most volatile industrial metals, but its biggest daily jump in a decade has left even the most seasoned traders astonished.The metal surged as much as 13%, or almost $2,000 a ton, extending a rally over the past month triggered by speculation that top producer Indonesia might bring forward a ban on nickel ore exports. While the price eased after the nation’s mining ministry denied that any policy changes are imminent, it closed 7.2% higher in London to the highest in more than four years.“You can see that the market is barely trading now because people just don’t know what to do,” said George Daniel, a hedge fund manager at Red Kite who’s been trading metals since 1993. “It could come off from here, but everyone’s just waiting to see if China comes in and buys it again.”Nickel has in recent years become one of the most actively traded contracts on the London Metal Exchange as short-term investors have been drawn to its sharp price moves. Trend-following funds have added fuel to the recent rally, as have options traders who were forced to hedge their exposure as prices started surging late Wednesday, Daniel said.Nickel touched $16,690, the highest since April 2018, and settled up $1,070 to $15,880 at 5:51 p.m. in London, the highest closing price since December 2014. Shanghai Futures Exchange contracts surged by the daily limit, reaching the highest since trading began in 2015.As speculation swirled over Indonesia’s export policy, the country’s director-general for minerals and coal said the industry should follow existing rules and not pay heed to rumors about bringing forward a previously announced ban on exports of nickel ore by 2022.Not JustifiedThere have been no notable changes in fundamentals to justify the bullish mood, Shanghai Metals Market wrote in a note.“Nickel prices are not set by fundamentals at the moment,” Celia Wang, an analyst at trading house Grand Flow Resources, said by phone from Shanghai. “The price surge showed that investors tend to believe the Indonesia ore export ban speculation, otherwise how can we explain the spike?”Technical price movements can be explained by “irrationality,” Nicky Shiels, an analyst at Bank of Nova Scotia, said in an email Thursday. The fundamentals meanwhile have taken a back seat. Shanghai futures’ volume surge amid steady LME trading indicates “speculative interest is in panic mode,” she said.Nickel is by far the best-performing base metal this year, with most other contracts declining. It has benefited from dwindling global stockpiles, long-term prospects for a demand boost from its use in electric-vehicle batteries, as well as concerns that Indonesia could curb supplies.The Asian nation is the world’s top source of mined nickel, most of which goes to China, and its policies to restrict raw materials are closely watched by investors. The government said it will revoke export permits of companies failing to meet smelter construction targets set out by the ministry.Liquidation LikelyInvestors “appear to be positioning for the ore ban to be brought forward,” Citigroup Inc. analysts wrote in a note Wednesday, before the sudden surge in prices. “Were the ban to not be brought forward, substantial liquidation is likely.”The frenzied trading earlier also came as investors grappled with the implications of a weaker yuan. Although China has set its daily fixing weaker than 7 per dollar for the first time since 2008, it was stronger than expected, soothing investor nerves and supporting metals.Nickel’s roller-coaster may also be affecting other LME metals, including aluminum and copper, all of which traded higher on Thursday.“Copper doesn’t know what to do with itself either,” Daniel said. “A lot of people have been short copper and zinc and they just don’t know what to do off the back of this nickel move.”\--With assistance from Eko Listiyorini and Justina Vasquez.To contact Bloomberg News staff for this story: Martin Ritchie in Shanghai at firstname.lastname@example.org;Winnie Zhu in Shanghai at email@example.com;Mark Burton in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Phoebe Sedgman at email@example.com, Pratish Narayanan, Luzi Ann JavierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bank of Nova Scotia, Canada's third-biggest lender, said on Thursday it would record a C$300 million ($226 million) gain by reducing its stake in Thailand's Thanachart Bank Public Co (TBank). TMB Bank had agreed in February to merge with TBank in a deal worth up to 140 billion baht ($4.55 billion), making the new entity the sixth-largest bank in Thailand. Scotiabank's stake sale was part of the merger deal between TBank and Thailand's TMB Bank.
Dividend paying stocks like The Bank of Nova Scotia (TSE:BNS) tend to be popular with investors, and for good reason...
Bank of Nova Scotia, Canada's third biggest lender, said on Wednesday it would sell its operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank for $560 million in cash. The deal is expected to be about 40% accretive to Oriental Bank parent OFG Bancorp's earnings per share in 2020, and the lender will have a loan portfolio totaling $7.2 billion and about 500,000 customers.
The deal is expected to be about 40% accretive to Oriental Bank parent OFG Bancorp's earnings per share in 2020, and the lender will have a loan portfolio totaling $7.2 billion and about 500,000 customers. Scotiabank will record an after-tax loss of about C$400 million ($304.79 million) in the third quarter of 2019 following the deal, which will help it focus on its key six markets.
At Insider Monkey we track the activity of some of the best-performing hedge funds like Appaloosa Management, Baupost, and Tiger Global because we determined that some of the stocks that they are collectively bullish on can help us generate returns above the broader indices. Out of thousands of stocks that hedge funds invest in, small-caps […]
Bank of Nova Scotia NYSE:BNSView full report here! Summary * Perception of the company's creditworthiness is positive * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is extremely low for BNS with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting BNS. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold BNS had net inflows of $1.20 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swap | PositiveThe current level displays a positive indicator. BNS credit default swap spreads are near the lowest level of the last one year and indicate improvement in the market's perception of the company's credit worthiness.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Bank of Nova Scotia (BNS) posted lackluster results in the first two quarters of fiscal 2019. Consequently, the stock has lost 15% since it peaked in September and is now trading around its three-year lows. Warning! GuruFocus has detected 8 Warning Signs with MSFT.
The market has been volatile in the last 6 months as the Federal Reserve continued its rate hikes and then abruptly reversed its stance and uncertainty looms over trade negotiations with China. Small cap stocks have been hit hard as a result, as the Russell 2000 ETF (IWM) has underperformed the larger S&P 500 ETF […]
The big shareholder groups in The Bank of Nova Scotia (TSE:BNS) have power over the company. Institutions often own...