On average, bank stocks were down three per cent on the day earnings were released. The Bank of Nova Scotia’s shares fell the furthest, tumbling nearly six per cent after earnings fell short of expectations. Canaccord Genuity analyst Scott Chan downgraded the bank from a “buy” to a “hold” as a result.
John Aiken, senior analyst and head of research at Barclays Bank PLC, struck the same tone when CIBC kicked off earnings week on Feb. 24. While Aiken noted that the bank had a strong headline beat, he said the market was likely to “temper its enthusiasm to a certain degree” since capital markets was doing most of the heavy lifting.Article content
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