E Plenty Of News

Today's blog will be another quickie because I also have to do my tables for the last month, having been distracted by the loss of my wallet, ID, and credit cards. The month produced record levels for the Dow-Jones Industrial Average, up 12% even after falling Monday. A record high was also reached by Bitcoin, up 40% in Nov. And online commerce also hit a record of $10.8 bn according to Adobe.

image source: unsplash

We have a reporting company today and plenty of news.

*The reporter is Scotiabank, BNS of Canada which beat on profits but missed on revenues in its Q4 and full year. Bank of Nova Scotia stock rose 3.2% at the opening here. Its adjusted net income hit C$1.38 bn in its Q4, or C$1.45/sh, beating the consensus forecast of C$1.22/sh. The adjustments were for credit loss provisions which fell sequentially but rose from prior Q4. Revenues in Q4 missed by C$100 mn, at C$7.51 bn.

Return on equity was 11.3% vs 13.8% in fiscal 2019-20. Full-year eps was down 25%. Full-year return on equity hit the bank's target of 14%. Operating leverage fell 0.6$. Its CETI capital ratio was flat at 11.8%. Full-year credit loss provisions came in at C$1.13 bn vs forecast C$1.45 and eps was down 25% and full-year net was C$6.853 bn vs prior year's C$9.409 bn. The conference call cited boosts in trading, lending, and underwriting for business customers was up by a third in the most recent FY, at C$2.034 bn. Another winner was global wealth management, up 7% to C$1.297 bn. Digital banking was another strong suit.

BNS declared a 90 loony cents dividend, equal to prior quarters but up from last year. It yields 5.7%. The BNS share opened up 3.2% in US trading. More finance below.

Oilpatch

*Today produced data on US oil and gas production in Sept. The production of gas fell but that of oil rose. So the market went back into bull mode on energy. Schlumberger Ltd SLB rose 3.5% to $21.38 at the opening and later gained more. This despite insider selling of $66,000 reported.

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