Scotia Bank Tops Forecasts and Nikola Shares Slide
Bank of Nova Scotia
On Tuesday, the Bank of Nova Scotia reported its fiscal fourth-quarter earnings results. The data came back slightly better than what analysts had expected which has set a “hopeful tone” for financial results of Canada’s large banks being released throughout the week.
Tens of billions of dollars of loans were granted payment deferrals at the beginning of the pandemic but since then, most of these have just recently expired. As of right now, only 1 to 2 percent of borrowers were unable to resume payments which is pretty good sign for now. Lots left to go before this is all over.
Nikola shares have been on a crazy ride since the beginning of the year. On Tuesday afternoon, Nikola shares were down as much as 18.3% after a lockup period on the stock for company insiders and early investors expired.
The change has freed up to 166 million shares for sale for the first time since the company went public in early June. Almost half of these shares are owned by Trevor Milton, Nikola founder who resigned as chairman of the company in September.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.