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Wednesday, June 23, 2021

Why Bank of Nova Scotia (BNS) stock declined in the after-hours on Friday?

The Bank of Nova Scotia (BNS) shares lost 5.74% in the after-hours session on Friday, April 23, 2021. Earlier its shares gained 0.85% to close Friday’s session at $62.52. BNS shares have risen by 66.54% over the last 12 months, and they have moved up by 0.71% in the past week. Over the past three months, the stock has gained 14.72%, while over the past six months, it has added 47.66%.


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Let’s see why does BNS face negativity in the after-hours session

Cash distributions for Scotia Strategic ETF Portfolio and Scotia Index Tracker ETF

On April 23, 2021, Scotia Global Asset Management announced the cash distributions for the TSX  listedScotia Strategic Fixed Income ETF Portfolio and for the Scotia Canadian Bond Index Tracker ETF listed on the NEO Exchange. cash distributions for the respective ETFare payable on May 7, 2021.

Scotia Strategic Fixed Income ETF Portfolio will get a cash distribution of $ 0.038 per unit and Scotia Canadian Bond Index Tracker ETF will get $0.020 per unit cash distribution for April 2021.

Best Workplaces recognition

On April 15, 2021, Great Place to Work recognized Scotiabank as one of the Best Workplaces in Canada for the 2nd year in a row. Scotiabank also earned this recognition in several other countries for 2021

Election of directors

On April 13, 2021, Scotiabank announced the list of nominees in the management proxy circularis elected as directors of the bank.

The detailed results of the vote for the election of directors are available on the bank website.

Annual shareholders meeting

On April 13, 2021, the Bank of Nova Scotia hosted its 189th Annual Meeting of Shareholders via webcast and teleconference.

On this occasion, President and CEO Brian Porter appreciatesScotia bankers and the medical community for their efforts throughout the pandemic. He also outlined the bank investments and policy recommendations.

Scotiabank targets $10 Billion commitment  for affordable housing in Canada

On April 12, 2021, Scotiabank talked about its commitment to transform housing affordability across the country. Scotiabank plans to invest$10 billion over the next ten years to support  Canada Mortgage and Housing Corporation (CMHC) initiative about affordable housing in Canada.

2020 ESG report

On April 1, 2021, Scotiabank released its 2020 Environment, Social, and Governance (ESG) report. The report summaries Scotiabank’s ongoing commitment to building a more robust, inclusive, and sustainable world by addressing the issues that matter most to customers, shareholders, employees, and communities.

Conclusion

There is no other recent news except cash distribution which we do not think is the reason behind its loss in after-hours on Friday. We can see it bouncing back on Monday, based on its strong stock performance in the last 12 months.

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