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Featured in This Report Midday Market Performance Update

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Featured in This Report Midday Market Performance Update SCOTIA WEALTH MANAGEMENT GLOBAL PORTFOLIO ADVISORY GROUP Midday Update August 4, 2021 Featured in this report Midday market performance update Canadian equities: U.S. equities: International equities: < Market summary < Market summary < Market summary < Companies in the news: DIR-U < Companies in the news: GM, VRSK < Company in the news: SONY Midday market performance update Intraday returns S&P 500 NASDAQ S&P/TSX Index Stoxx Europe 600 Nikkei 225 Shanghai Comp 4,405 14,747 20,390 468 27,584 3,477 -0.4% -0.1% 0.1% 0.6% -0.2% 0.8% Canada 10-year yield U.S. 10-year yield 1.13% 1.19% Low High Low High 0.43 1.68 0.50 1.77 CAD/USD USD (trade-weighted) $0.80 104.21 Low High Low High 0.75 0.83 101.44 108.05 Gold WTI (oil) $1808.45 $68.49 Low High Low High 1676.89 2075.47 33.64 76.98 Bar charts display current values relative to 52-week ranges. SCOTIA WEALTH MANAGEMENT GLOBAL PORTFOLIO ADVISORY GROUP Canadian equities S&P/TSX Composite Index Intraday (11:45 AM) < Canadian equities, as measured by the S&P/TSX Composite Index, are Level Pts Chg % Chg trading slightly higher at midday. 20,390 24.1 0.1% 21,000 1,250 < Eight of the index’s eleven sectors are lower, with the Health Care sector 19,000 1,000 seeing the largest losses. 17,000 750 15,000 500 S&P/TSX biggest movers 13,000 250 11,000 0 Last price %∆ Aug Nov Feb May Aug Sleep Country Canada Holdings Inc 33.24 16.8% 16.8% Nfi Group Inc 29.09 7.4% 7.4% Issues Finning International Inc 34.72 5.5% 5.5% < Advancing 80 < Declining 145 Ssr Mining Inc 21.47 4.4% 4.4% < Unchanged 4 Alamos Gold Inc 10.57 3.5% 3.5% Index stats: Stella-Jones Inc 43.23 -5.4% 5.4% < 1-yr return 24.6% < P/E 21.3x Innergex Renewable Energy Inc 20.41 -5.3% 5.3% < Dividend yield 2.6% Crescent Point Energy Corp 4.58 -4.8% 4.8% Enerplus Corp 7.44 -4.4% 4.4% Cenovus Energy Inc 10.14 -3.8% 3.8% In corporate news: Dream Industrial REIT (DIR-U) < Dream Industrial reported Q2/21 results that beat consensus expectations, with FFOPU of C$0.19 above the average analyst estimate of C$0.18. Occupancy rebounded from its pandemic lows and grew 240 bps YoY due to increased demand for logistics assets. Comparative properties NOI rose 3.8% YoY to C$44.0 million, driven by the Ontario portfolio, which saw higher occupancy and rental rates. NAVPU increased 16.5% YoY to C$13.69 on the back of lower cap rates across the portfolio. For context, the Canadian portfolio’s cap rate decreased from 5.82% to 4.95%, YoY, and the U.S. cap rate declined 46 bps YoY. Dream closed its C$1.3 billion European purchase in June. On July 30th (not included in this set of results), Dream sold 18 U.S. assets into a fund, for expected net proceeds of C$215 million and a 25% interest in the fund. The sale into the fund will help the company reduce its debt-to-gross book value to mid-30%, which is its stated target range, and it is well below the REIT sector’s average of 43%. DIR-U shares are trading higher at midday. 2 SCOTIA WEALTH MANAGEMENT GLOBAL PORTFOLIO ADVISORY GROUP U.S. equities S&P500 Index Intraday (11:45 AM) < U.S. equities, as measured by the S&P 500 Index, are trading lower at Level Pts Chg % Chg midday after the earnings of a major automaker and a private sector jobs 4,405 -18.4 -0.4% report came in lower than expected. 5,000 2,500 4,500 < Ten of the index’s eleven sectors are lower, with the Communication 2,000 4,000 1,500 Services sector being the only gainer. 3,500 1,000 3,000 2,500 500 S&P 500 biggest movers 2,000 0 Aug Nov Feb May Aug Last price %∆ Paycom Software Inc 438.83 9.7% 9.7% Issues Under Armour Inc 24.65 8.6% 8.6% < Advancing 127 < Declining 375 Davita Inc 133.48 8.4% 8.4% < Unchanged 0 Etsy Inc 202.95 6.6% 6.6% Index stats: Advanced Micro Devices Inc 118.26 5.1% 5.1% < 1-yr return 33.2% General Motors Co 53.07 -8.3% 8.3% < P/E 27.2x < Dividend yield 1.4% Lumen Technologies Inc 11.72 -8.1% 8.1% Akamai Technologies Inc 111.50 -6.9% 6.9% Fmc Corp 100.07 -6.3% 6.3% Amgen Inc 229.74 -5.9% 5.9% In corporate news: General Motors Co. (GM) < GM reported mixed Q2/21 results with revenue of US$34.17 billion beating Bloomberg consensus estimates of US$31.69 billion while adjusted EPS of US$1.97 missed expectations of US$2.08 for the second consecutive quarter. Adjusted EBIT was US$4.1 billion, with a 12% margin for the company as a whole and 10.4% for its U.S. operations. GM said it had to spend US$800 million on a recall issued late last month for almost 69,000 Chevy Bolts due to the risk of fires from defective batteries. The global chip shortage continues to pressure the Detroit automaker, limiting production and inventories. Q3/21 Chevrolet Silverado and GMC Sierra production will be affected by temporary factory closures in Michigan and Mexico through August 16. GM also only has roughly 25 days of inventory in the U.S., about one-third of its normal stock of cars and trucks. Despite the mixed results, GM now expects adjusted EPS of US$5.40-US$6.40, up from the US$4.50-US$5.25 previously reported. At the midpoint, this is below consensus estimates. GM shares are lower at midday. Verisk Analytics Inc. (VRSK) < VRSK reported mixed Q2/21 results with revenue of US$748 million beating Bloomberg consensus estimates of US$738 million while adjusted EPS of US$1.17 missed expectations of US$1.33, largely due to below the line items. Adjusting for a $0.21/share impact from a non-cash revaluation charge related to the U.K. tax law change, EPS would have increased by 7% to $1.38, exceeding expectations. Revenues grew by 10% on a reported basis and by 6.3% on an organic constant currency (OCC) basis, with all divisions contributing to the revenue beat, lead by the Insurance segment. CEO, Scott Stephenson said, “Verisk's second quarter results highlight the strength of our business model, the essential nature of our solutions and our continued focus on delivering for our customers. We remain committed to our innovation agenda and have strong confidence in our ability to successfully execute our growth strategy and plans to build shareholder value over the long term." 3 SCOTIA WEALTH MANAGEMENT GLOBAL PORTFOLIO ADVISORY GROUP International equities Stoxx Europe 600 Index (Market Closed) < European equities, as measured by the Stoxx Europe 600 Index, ended Level Pts Chg % Chg the day higher as investors monitored corporate earnings from big names 468 2.8 0.6% around the globe, along with economic data and the Covid-19 situation. 500 6,000 450 < Seventeen of the index’s twenty sectors ended the day higher, with the 4,000 400 Technology sector up ~1.9%. 350 2,000 300 Stoxx Europe 600 biggest movers 250 0 Aug Nov Feb May Aug Last price %∆ Imcd Nv 163.15 10.5% 10.5% Issues < Advancing 390 Ses Sa 7.12 9.6% 9.6% < Declining 201 < Unchanged 9 Entain Plc 1,908.50 5.9% 5.9% Novo Nordisk A/S 611.00 4.8% 4.8% Index stats: < 1-yr return 28.8% Ams Ag 18.87 4.7% 4.7% < P/E 28.0x < Dividend yield 2.9% Nel Asa 15.48 -7.9% 7.9% Commerzbank Ag 5.12 -5.8% 5.8% Dr. Martens Plc 408.20 -4.6% 4.6% Pearson Plc 781.40 -4.2% 4.2% Rotork Plc 323.80 -4.1% 4.1% In corporate news: Sony Corp. (SONY) < Sony reported strong Q1/21 results driven by better than expected revenues and margins. Revenue of ¥2.26 billion and adjusted EPS of ¥169.22 beat consensus estimates of ¥2.12 billion and ¥121.96, respectively. Revenues grew 15% YoY, by division Electronic Products (+214.9% YoY) and Music (+77.8% YoY) drove the beat, partially offset by Gaming (+9.7 YoY) and Imaging (+11.9% YoY). Operating income grew 26.3% YoY exceeding consensus expectations for all segments except Financial Services. Gaming fell short due to a decline in the sales of third-party titles including add on content. The YoY growth in the number of PlayStation Plus subscribers (+46.3MM) was 3%. The Imaging division top line miss was driven by weakness in the sales of image sensors for mobile products and the deterioration of the product mix for those sensors offset by higher volumes. Music sales growth was driven by higher sales for recoded Music and Visual Media. Pictures (+17% YoY) growth was driven by an increase in sales of Media Networks and Motion Pictures. Electronic sales grew driven by higher sales of TVs and cameras. Due to the strong Q1/21 results, Sony upgraded its full-year guidance by 5% at the operating profit level, which is a snick below consensus, and it now expects operating profit to grow by 2.6% YoY.
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