|Bid||55.45 x 0|
|Ask||55.46 x 0|
|Day's Range||54.13 - 55.62|
|52 Week Range||46.38 - 76.75|
|Beta (5Y Monthly)||0.87|
|PE Ratio (TTM)||9.14|
|Earnings Date||Aug. 25, 2020 - Aug. 31, 2020|
|Forward Dividend & Yield||3.60 (6.65%)|
|Ex-Dividend Date||Jul. 06, 2020|
|1y Target Est||61.50|
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Bank of Nova Scotia and Canadian Imperial Bank of Commerce said they plan to fill at least 3.5% of their top roles with Black employees as part of an initiative that aims to fight racism and improve the representation of Black people in boardrooms. The initiative, labeled "BlackNorth," was launched by Wes Hall, a prominent Canadian businessman and the chairman of proxy advisory firm Kingsdale Advisors. It urged executives to fill at least 3.5% of senior executive and board positions in Canada with Black leaders by 2025.
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (15,713.82, up 145.18 points.)Baytex Energy Corp. (TSX:BTE). Energy. Up three cents, or 4.48 per cent, to 70 cents on 8.8 million shares. The Bank of Nova Scotia (TSX:BNS). Financials. Up $1.41, or 2.6 per cent, to $55.54 on 8.3 million shares.Enbridge Inc. (TSX:ENB). Energy. Down five cents, or 0.12 per cent, to $40.15 on 8.2 million shares.The Toronto-Dominion Bank (TSX:TD). Financials. Up $1.18, or 2.01 per cent, to $59.92 on 7.2 million shares.Algonquin Power & Utilities. (TSX:AQN). Utilities. Up 56 cents, or 3.28 per cent, to $17.62 on 6.3 million shares.Royal Bank of Canada (TSX:RY). Financials. Up $1.81, or 1.98 per cent, to $93.08 on 6 million shares.Companies in the news:Canadian Natural Resources Ltd. (TSX:CNQ). Up 89 cents or four per cent to $22.91. Shell Canada says the Quest carbon capture and storage project north of Edmonton has reached the milestone of five million tonnes of stored carbon dioxide, equivalent to the annual emissions of about 1.25 million cars. It says the accomplishment was achieved ahead of schedule and has been attained at a lower cost than expected. Quest opened in 2015 and cost about $1.35 billion, backed with $745 million from the Alberta government and $120 million from Ottawa. Majority ownership of the project was sold to Calgary-based Canadian Natural Resources Ltd. in 2017, along with most of Shell's Alberta oilsands assets, but Shell retained a 10 per cent interest and is still the operator. It says the cost to operate Quest is about 35 per cent lower than what was forecast in 2015 and, if Quest were to be built today, it would cost about 30 per cent less. Quest captures about one third of the CO2 emissions from the Shell-operated Scotford oilsands upgrader and transports it via a 65-kilometre pipeline to be stored more than two kilometres underground in a sandstone rock reservoir.Barrick Gold Corp. (TSX:ABX). Down 68 cents or 1.8 per cent to $36.82. Owners of the Porgera gold mine in Papua New Guinea say they are going to the World Bank’s International Centre for Settlement of Investment Disputes to try to resolve a battle with the federal government that resulted in closing of the mine. Barrick Niugini Ltd., the joint venture mine operator that is owned 47.5 per cent each by Canada's Barrick Gold Corp. and partner Zijin Mining Group of China, suspended production in April and placed the mine on care and maintenance status. Last month, it announced it would lay off 2,650 local mine workers by the end of July, making permanent temporary layoffs enacted when the government said it would not extend its special mining lease. In a news release, Barrick Niugini says the government's decision to reject its lease extension application has resulted in financial damage to the company and in significant job losses and damage to the local, provincial and national economies of Papua New Guinea.Second Cup Ltd. (TSX:SCU). Up eight cents or 11.1 per cent to 80 cents. Second Cup Ltd.'s parent company has opened its first recreational cannabis dispensary. Mississauga, Ont.-based Aegis Brands says it welcomed guests to a Hemisphere Cannabis Co. midtown Toronto. The location was previously home to a Second Cup and will be joined by six more dispensaries Aegis has planned to open in Toronto, Orleans, Ont. and Ottawa in the coming months. Second Cup said in 2018 that it has more than 130 locations across Ontario that it plans to leverage to enter the cannabis space. Second Cup has undergone a series of restructurings in recent years to try to increase its profits in the competitive Canadian coffee industry and hopes cannabis will help it regain market share.MTY Food Group Inc. (TSX:MTY). Down three cents at $28.81. MTY Food Group Inc. reported a second-quarter loss of $99.1 million as the company took a $120.3-million non-cash impairment charge related to property, plant and equipment, intangible assets and goodwill due to the pandemic. The restaurant company behind such brands as Thai Express, Tiki-Ming, Tutti Frutti and Valentine says the loss amounted to $4.01 per diluted share for the quarter ended May 31 compared with a profit of $19.3 million or 76 cents per share a year earlier. Revenue fell to $97.8 million compared with $125.6 million in the same quarter last year. MTY franchises and operates fast food and casual restaurants under more than 80 different banners in Canada, the United States and elsewhere. It says 2,757 of its locations were temporarily closed at the peak of the COVID-19 pandemic, but they are now reopening gradually.This report by The Canadian Press was first published July 10, 2020.The Canadian Press
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TORONTO, July 9, 2020 /CNW/ - Scotiabank is pleased to announce that Gillian Riley, President and CEO, Tangerine Bank and Executive Vice President, Scotiabank has been named a Catalyst Honours Champion for 2020. Gillian is being recognized for her profound contributions in advancing female inclusivity in the workplace, as well as for her notable leadership within corporate Canada. "I've had the good fortune of knowing Gillian for many years and have seen firsthand the significant and positive impact she has had on the lives of women at Scotiabank," said Brian Porter, President and CEO of Scotiabank.
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Canada's biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world's largest social media platform to take concrete steps to block hate speech. More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25. Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July.
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Scotiabank launches new Sustainable Finance Group within its Global Banking and Markets division
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SCOTIABANK COMES OUT ON TOP IN THIRD INNOVATION AWARD THIS YEAR TORONTO , June 29, 2020 /CNW/ - Scotiabank has won another award in 2020 for its innovation — the Retail Banking Security Innovation of the ...
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(Bloomberg) -- Fitch Ratings stripped Canada of its AAA status amid a spike in emergency spending for Covid-19, making it the first top-rated country to be downgraded by the ratings agency during the pandemic.The country is expected to run a bigger government deficit this year and emerge from the recession with much higher public debt ratios, Fitch said Wednesday. It cut the country’s rating one notch to AA+.Canada still has a AAA rating with S&P Global Ratings, making it only one of two countries left in the Group of Seven to hold that status; Germany is the other. Moody’s Investors Service also gives Canada its highest rating.“The question is what took so long. Canada’s excessively leveraged national balance sheet has looked a lot like China, Italy and Greece for quite a while,” said David Rosenberg, founder of Rosenberg Research and Associates and former chief North American economist at Merrill Lynch & Co. “This won’t be the last ratings cut, I can assure you.” He had predicted the downgrade in an April research note that said the “Great Canadian Debt Surge has come home to roost.”Canada’s national government is on track to post its largest deficit on record in the 2020-2021 fiscal year. The shortfall may reach about 12% of gross domestic product compared with 1.1% last year, according to the Parliamentary Budget Officer.“Canada continues to be in a stronger financial position than many other countries in the G-7 and G-20,” Finance Minister Bill Morneau said in a statement. “We will continue to be fiscally responsible while acting to protect our country and its economy.”Fitch expects the coronavirus response to raise Canada’s consolidated gross general government debt to 115.1% of GDP in 2020, up from 88.3% last year. “The higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus,” the company said in the report.IndifferentThe Canadian dollar briefly weakened to a session low, hitting C$1.36 per U.S. dollar, before rebounding.Bank of Montreal’s Chief Executive Officer Darryl White shrugged off the news.“The Government of Canada will still have a AAA credit rating by other agencies, I think one of only two G-7 countries that can say that, and there’s plenty of access to capital and the cost of capital relative to other countries and relative to history is very, very low,” he said in an interview on BNN Bloomberg.Derek Holt concurs. “Markets don’t seem to care, rightly so in my view,” said the economist at Bank of Nova Scotia. “Every sovereign is under the same pressure. Ratings are a relative game and even at that there is a long list of more dominant market factors. It’s one agency that stripped Canada of some political bragging rights, but the tangible impact is scant to non-existent.”For Bipan Rai, head of foreign exchange strategy at Canadian Imperial Bank of Commerce, things may get volatile for the loonie if another agency follows. “The question is who’s next to downgrade? If it’s Moody’s, then there is a risk of portfolio outflows,” he added, noting that Canada’s current account deficit is financed heavily by foreign fund inflows.The North American economy is set to contract 7.1% in 2020 compared to 1.6% growth last year, according to median consensus of analysts compiled by Bloomberg. Canada’s government is rolling out a plan of more than C$230 billion ($169 billion) of subsidies, grants and tax deferrals in a bid to offset the impact of the pandemic.Gradually improving global trade, commerce and domestic labor market conditions may allow Canada’s economy to grow 3.9% in 2021, according to Fitch projections. Nonetheless, Canada’s medium-term growth prospects “are limited by structural investment challenges and are below many developed markets peers,” the ratings company said.Who’s Next?“It will take Canada approximately 6-12 months longer to return to 2019 GDP levels than the U.S. or several other developed markets,” said Alexandra Gorewicz, portfolio manager and head of rates at CI Investment. “Fitch partly alluded to this structural issue in their release by highlighting that prior to the pandemic.”The downgrade raises concerns that other top-rated countries such as Australia, which was put on negative outlook by Fitch, may follow suit. After today’s rating action, Fitch has kept its AAA rating for ten countries, of which the U.S. and Germany are part of the Group of Seven economies.“Covid-19 impact on G-7 economies has been quite similar to each other while monetary and fiscal stimulus have also been quite similar and proportionate,” said Imran Chaudhry, a senior portfolio manager at Fiera Capital Corp. “It’ll be interesting to see what Fitch does for other sovereign names such as Australia, Germany and most importantly the U.S.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.