E Monday Challenge - Stock Market Commentary

Today's blog is a challenge because over the weekend I have lost my ability to write on a keyboard. This resulted from a visit by Spectrum-Charter on Saturday allegedly restoring my access to the internet which was cut off when the telephone was fixed. In fact, it cut off my desktop clunker, the attached keyboard, and even the printer. So I am writing on the mail site to eventually past the blog on-line, as I am also barred from writing on the site, allegedly for security. I intend to buy a software package from macrohard or some other vendor but I was staying in the office yesterday in case I can get help. It all seems to be the result of a Microsoft upgrade that the techie installed because this turns out to be a gap in the 2018 upgrade of windows for old desktops. 

What we are seeing in fact is that many groups in the web sphere have almost monopoly power and can force people to buy services they already bought before for older computers. There is not enough competition in tech. I am a Microsoft shareholder. I love the rally we were seeing yesterday, even if MSFT is not rising. But I am also a proponent of competition.

Yesterday the NYSE floor reopened which boosted stocks and spirits.

Banks

*Yesterday we had a result from Bank of Nova Scotia BNS which led the Canada pack with a surprisingly good net profit for its Q1, along with a flat dividend. This came despite a rigorous boost to loan loss provisions now at 1.19% of loans out (vs .61% in the prior quarter) and ones for weaker economic outlook because of the coronavirus. It also took a charge for shuttering its precious metals business in Britain, of C$212 mn. The numbers are down sharply but not as sharply as consensus forecasts expected. 

Net income was C$1.324 bn, down 41.5% from the prior-year level of 2.326 bn. The adjusted net was C$1.371 bn. Revenues were C$7.965 bn vs 8.141 bn. 

Earning/share were down 39% from prior year at 1.04 C$ vs 1.73 in the prior year. The dividend at 90 loony cents was flat, but yield now is 7.1%

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