E Market Review For Wednesday, August 26

*Bank of Nova Scotia is back in the plus column today, up 1.85%. BNS took heavy provisions in its last quarter.

Tech & Tel

*British Vodafone plans to cut its debt by euros 10 to 20 bn by the spinoff nest year in Germany of its mobile towers in EU countries along with minority towers from Telefonica of Spain. VOD refinanced its debt to cut costs by 40% last year after overspending on takeovers including our French holding in the sector. VOD fell 0.6% today on news that it may want to retain control of the towers sub.

*South African Naspers rose 1.7% today on its boost of classified ads to compete with Facebook. Its spun-off Dutch arm Prosus gained 3.19%. NPSNY has gained 62.35% from our basis and PROSY 29.4%. Again I am using my brokerage account data to calculate the gain.

*Mercado Libre,the Amazon of Latin America, gained 0.9% today. MELI doubled since we bought.

*Swedish Ericsson (ERIC) gained 2.35% today because it is not Huawei. Nokia gained only 0.4% because its telephony products are more costly.

*Japanese Fanuc (FANUY) is back in the gains column, up 1/2%.

*Gaming firm Nintendo of Japan, tipped by Abhimanyu Sisodia, is up another 3.06%. NTDOY.

Food

*Nutrien of Canada was boosted by Bay St analysts to a buy but cut to neutral by Atlantic Securities. Fertilizers and farm stores are hard to call.

Green Energy

*Azure Power which makes solar generators for India, but which is controlled by the Quebec retirement fund, hit another new high today at $22.66, up over 2.5%. It is HQ's in Mauritius which is suffering from a huge oil spill, which helps people appreciate solar power.

*Johnson Matthey, the UK precious metals refiner, got funding from the European Bank for Reconstruction and Development and the German KfW bank for a $160 mn investments in a Polish electrical vehicle cathode battery plant in Konin that is under construction. By 2022 when it goes operational it will supply better lithium batteries for 100,000 vehicles per year. JMPLY rose 4.5% on the news.

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