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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Bank of Nova Scotia    BNS   CA0641491075

THE BANK OF NOVA SCOTIA

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Canada's financial capital reopening subdued as most employees stay home

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06/24/2020 | 01:05pm EDT
FILE PHOTO: Ontario prepares for more phased re-openings from the coronavirus disease (COVID-19) restrictions in Toronto

By Nichola Saminather

Canada's financial capital, Toronto, staged a cautious restart of its economy on Wednesday following a three-month pandemic-driven shutdown as several of its biggest employers kept staff working from home to avoid the spread of the coronavirus.

At the usually bustling Union Station, spitting distance from the city's financial core and the intersection of Toronto's subway, the regional train system and bus network, staff outnumbered commuters.

Downtown Toronto streets, normally gridlocked on pre-pandemic weekdays, were mostly free of traffic during what would have been the morning rush hour in the country's most populous city.

Most people out on the streets wore masks.

The PATH, a 30-kilometer (18.6 miles) below-ground pedestrian walkway connecting about 75 buildings, and the world's largest underground shopping complex, remained silent, devoid of office employees and many retailers still closed.

Andy Voelker, manager of a Second Cup coffee franchise in the PATH, said he hadn't seen an increase in customers on Wednesday.

The store, which remained open throughout the shutdown, lost about 90% of its business, but the return of construction workers three weeks ago revived some sales, he said.

"The return to normal probably won't happen till sometime next year," he added.

Ontario, the biggest province by population, started gradually reopening its economy this month, but much of Toronto, which has suffered more than 1,000 deaths, was left off the initial list.

Canada's three biggest lenders, Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia, and life insurer Sun Life Financial said they don't intend to bring staff back until at least September.

Canadian Imperial Bank of Commerce said employees will continue to work remotely "for an extended period of time."

Brookfield Asset Management, which has reoriented desks and reduced meeting-room capacity, plans to bring employees back gradually, a spokeswoman said.

Even so, high-rise office buildings in Toronto stood ready.

Brookfield, one of the biggest downtown landlords, has disinfected buildings, and cleaned and tested air distribution systems and water supply tanks, the spokeswoman said.

Cleaning and security staff dotted office lobbies, wiping down common areas and ensuring what little foot traffic there was followed signs to maintain distance and move in certain directions. Elevators sported stickers limiting the number of riders.

"It's sad that the hustle and bustle of downtown is gone," said Meghan Wilton, who works at Medisys Health Group in Toronto, which opened at reduced capacity three weeks ago.

(Reporting By Nichola Saminather; Editing by Bernadette Baum and Andrea Ricci)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF COMMERCE HOLDINGS 3.32% 7.79 Delayed Quote.-32.67%
BROOKFIELD ASSET MANAGEMENT INC. 1.24% 43.19 Delayed Quote.-13.65%
CANADIAN IMPERIAL BANK OF COMMERCE 1.29% 93.55 Delayed Quote.-13.43%
ROYAL BANK OF CANADA 1.42% 93.8 Delayed Quote.-8.71%
SUN LIFE FINANCIAL INC. 3.20% 53.53 Delayed Quote.-9.59%
THE BANK OF NOVA SCOTIA 1.25% 55.92 Delayed Quote.-23.76%
THE SECOND CUP LTD -0.99% 1 Delayed Quote.-40.48%
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Financials
Sales 2020 31 635 M 23 843 M 23 843 M
Net income 2020 5 845 M 4 405 M 4 405 M
Net Debt 2020 - - -
P/E ratio 2020 10,8x
Yield 2020 6,44%
Capitalization 67 742 M 51 145 M 51 057 M
Capi. / Sales 2020 2,14x
Capi. / Sales 2021 2,14x
Nbr of Employees 97 369
Free-Float 100,0%
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Mean consensus HOLD
Number of Analysts 14
Average target price 61,43 CAD
Last Close Price 55,92 CAD
Spread / Highest target 25,2%
Spread / Average Target 9,85%
Spread / Lowest Target -21,3%
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NameTitle
Brian Johnston Porter President, CEO & Non-Independent Director
Aaron William Regent Chairman
Loretta Marcoccia Chief Operating Officer, EVP-Global Banking
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Michael Zerbs Chief Technology Officer & Group Head
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