65.63 -0.21 (-0.32%)
After hours: 6:30PM EDT
|Bid||64.83 x 800|
|Ask||64.52 x 1300|
|Day's range||64.38 - 65.48|
|52-week range||34.73 - 65.48|
|Beta (5Y monthly)||0.85|
|PE ratio (TTM)||15.19|
|Earnings date||24 May 2021 - 28 May 2021|
|Forward dividend & yield||2.90 (4.56%)|
|Ex-dividend date||05 Apr 2021|
|1y target est||71.51|
(Bloomberg) -- Canada’s economy continued its run of surprising strength at the start of the year, validating expectations that activity will soon return to pre-pandemic levels.Gross domestic product grew 0.4% in February, Statistics Canada reported Friday in Ottawa. A preliminary estimate shows momentum kept up in March with output expanding 0.9%, which would be the 11th-straight monthly gain in GDP.The numbers highlight how well the nation’s economy handled successive waves of lockdowns to contain the spread of Covid-19, a resilience that’s fueling a strong rebound in 2021 after the nation’s sharpest downturn in the post-World War II era. At this pace, output should return to pre-pandemic levels by the second half of this year -- even though lingering effects of the crisis will leave Canada with some slack into 2022.“Canada’s economy remains among the most resilient major economies in the world in the face of recurring Covid-19 risks,” Derek Holt, an economist at Bank of Nova Scotia, said in a report to investors. The 11 straight months of gains puts Canada “in a relatively exclusive club” that includes Australia and the U.S.Growth in the first quarter came in at about the 7% annualized pace anticipated by the Bank of Canada, which last week accelerated the timetable for a possible interest-rate increase and further pared its bond purchases amid the stronger-than-expected recovery. The central bank has forecast growth of 6.5% this year, after a 5.4% contraction in 2020.Output in March was about 1.3% below monthly levels recorded in February 2020. On a quarterly basis, GDP is also within 1.5% of what it was pre-pandemic.To be sure, gains are likely to slow after the country entered a third wave of nationwide lockdowns -- the effects of which weren’t yet felt in March. But Canada’s economy has breezed through restrictions all winter.“This print will comfort the Bank of Canada in its decision to begin and eventually extend the tapering of its quantitative easing purchases” Dominique Lapointe, an economist at Laurentian Bank Securities in Montreal, said by email.In February, retailers led gains, with activity for the sector up 4.5% for the month. Sectors that have been hit hardest from shutdowns also showed some strength, as restrictions were temporarily lifted during the month. For March, Statistics Canada said manufacturing, retail trade, and finance and insurance contributed to the gain. Oil and gas production fell in February, following five months of consecutive gains.(Updates with economist comment in 4th paragraph. A previous version corrected the chart to show output within 1.3% of pre-pandemic levels.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Despite positive share price growth of 18% for The Bank of Nova Scotia ( TSE:BNS ) over the last few years, earnings...
(Bloomberg) -- Canadian space technology firm MDA Ltd. raised C$400 million ($320 million) in its initial public offering, falling about 20% below its targeted amount after selling shares for less than expected.The company, best known for developing a giant robotic arm used in space, sold about 28.6 million shares for C$14 each, below its marketed range, according to final sale documents. MDA had sought to raise about C$500 million by selling shares for C$16 to C$20 apiece, according to earlier materials.MDA will list on the Toronto Stock Exchange under the ticker symbol MDA, marking a return for an iconic Canadian company once known as MacDonald, Dettwiler and Associates. The IPO values the Brampton, Ontario-based company at C$1.6 billion when the sale closes around April 7, based on about 115 million shares outstanding.The banks that arranged the sale have an option to sell an additional 15% of the offering after the close, which could lift proceeds to C$460 million. The IPO was led by Bank of Montreal, Morgan Stanley and Bank of Nova Scotia.MDA plans to use about C$340 million of the proceeds to repay debt and the rest to fund ongoing growth initiatives, including the development of a next-generation commercial satellite, according to the filing.MDA specializes in space robotics, satellite systems and satellite imagery analysis. Its products include a global maritime information platform for vessel detection and climate monitoring, sensors for space missions and the robotic Canadarm used in NASA’s Space Shuttle program and later on the International Space Station.(Updates with final sale documents, valuation in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.