Bank Of Nova Scotia ( (TSE:BNS) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Bank of Nova Scotia shares are sliding as investors react to weak net interest margin figures from KeyCorp, where Scotiabank owns a sizable 14.9% stake. Broader worries about a soft patch in the Canadian economy are adding to the pressure as the bank’s fiscal second quarter wraps up today.
The stock is also retreating after hitting technical resistance and triggering profit-taking when it briefly moved above its 200-day moving average in the prior session. This comes even though Scotiabank recently forecast a C$77 million contribution to its upcoming Q2 net income from the KeyCorp investment, highlighting a gap between earnings expectations and current market sentiment.
More about Bank Of Nova Scotia
YTD Price Performance: 4.55%
Average Trading Volume: 2,291,166
Technical Sentiment Signal: Buy
Current Market Cap: $92.88B
For further insights into BNS stock on TipRanks’ Stock Analysis page.
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