Bank of Nova Scotia (The) (BNS) : Traders are bullish on Bank of Nova Scotia (The) (BNS) as it has outperformed the S&P 500 by a wide margin of 2.43% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 0.26%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 0.23% in the last 1 week, and is up 2.83% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The Bank of Nova Scotia is up 8.6% in the last 3-month period. Year-to-Date the stock performance stands at 30.65%. The stock has recorded a 20-day Moving Average of 1.68% and the 50-Day Moving Average is 3.1%.
Bank of Nova Scotia (The) (NYSE:BNS): The stock opened at $51.63 on Friday but the bulls could not build on the opening and the stock topped out at $51.74 for the day. The stock traded down to $51.23 during the day, due to lack of any buying support eventually closed down at $51.65 with a loss of -0.84% for the day. The stock had closed at $52.09 on the previous day. The total traded volume was 718,465 shares.
Also, Equity Analysts at the Macquarie downgrades the rating on Bank of Nova Scotia (The) (NYSE:BNS). The brokerage firm has issued a Neutral rating on the shares. The shares were previously rated Outperform. The rating by the firm was issued on June 9, 2016.
The Bank of Nova Scotia (the Bank) is a Canada-based diversified financial institution. The Bank offered a range of products and services, including retail, commercial, corporate and investment banking to more than 21 million customers in more than 55 countries around the world. The Bank has four business lines: Canadian Banking, International Banking, Scotia Capital and Global Wealth Management. The Canadian Banking segment provided a range of banking and investing services to more than 7.7 million customers across Canada, through a network of 1,190 branches, 3,869 automated banking machine (ABMs), as well as telephone, Internet banking and third-party channels. International Banking includes Scotiabanks retail and commercial banking operations in more than 55 countries outside Canada. Global Wealth Management (GWM) consists of wealth management insurance and Global Transaction Banking businesses.