SCOTIA WEALTH MANAGEMENT GLOBAL PORTFOLIO ADVISORY GROUP Midday Update  June 22, 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: NTR < Companies in the news: GOOG, PLUG < Company in the news: VIV

Midday market performance update

Intraday returns

S&P 500 NASDAQ S&P/TSX Index Stoxx Europe 600 Nikkei 225 Shanghai Comp 4,242 14,194 20,171 457 28,884 3,557 0.4% 0.4% 0.1% 0.4% 3.1% 0.8%

Canada 10-year yield U.S. 10-year yield 1.42% 1.48% Low High Low High 0.43 1.68 0.5 1.77

CAD/USD USD (trade-weighted) $0.81 104.3 Low High Low High 0.7 0.83 101.44 111.04

Gold WTI (oil) $1775.07 $73.25 Low High Low High 1659.55 2075.47 29.09 73.25

Bar charts display current values relative to 52-week ranges.

SCOTIA WEALTH MANAGEMENT GLOBAL PORTFOLIO ADVISORY GROUP

Canadian equities

< Canadian equities, as measured by the S&P/TSX Composite Index, are S&P/TSX Composite Index Intraday (12:00 PM) Level Pts Chg % Chg trading slightly higher at midday. 20,171 15.1 0.1% 21,000 1,250 < Six 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 %∆ Jun Sep Dec Mar Jun Ballard Power Systems Inc 22.13 5.8% 5.8%

Lundin Mining Corp 10.68 3.9% 3.9% Issues Canada Goose Holdings Inc 48.99 3.8% 3.8% < Advancing 107 < Declining 103 Ero Copper Corp 25.10 3.5% 3.5% < Unchanged 3

First Quantum Minerals Ltd 27.16 3.3% 3.3% Index stats: Corp 7.69 -4.4% 4.4% < 1-yr return 30.0% < P/E 23.3x Iamgold Corp 3.85 -3.3% 3.3% < Dividend yield 2.6% Equinox Gold Corp 9.54 -3.0% 3.0% Enerplus Corp 8.67 -2.4% 2.4%

Vermilion Energy Inc 10.99 -2.3% 2.3%

In corporate news:

Nutrien (NTR)

< Canadian fertilizer company, Nutrien, has announced its plan to increase its 2021 production by 500,000 metric tons in response to tighter global markets, marking a record high for the company. The increase will aim to eliminate concerns of supply in the market after major sanctions were placed on Belarus, a key fertilizer producer. The increase marks a second production increase for the company within two weeks. CEO Mayo Schmidt said, “with continued strength in global agriculture and crop input markets, we are raising guidance and expanding our potash production by a total of 1 million tonnes to ensure farmer’s get the potash they need.” The company raised its potash sales volume guidance to a record 13.3 million to 13.8 million tons for this year, with most expected to take place in Q4/21. Additionally, Nutrien raised its first-half 2021 earnings guidance to the range of US$2.30 to US$2.50, above the previously forecasted US$2.00 to US$2.20 also above consensus estimates. Shares are NTR are trading higher at midday.

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U.S. equities

< U.S. equities, as measured by the S&P 500 Index, are trading higher at S&P500 Index Intraday (12:00 PM) Level Pts Chg % Chg midday after struggling to find a direction earlier in the day. 4,242 17.1 0.4% < Eight of the index’s eleven sectors are trading higher, with the Consumer 4,500 2,500 Discretionary sector up ~1%. 4,000 2,000 3,500 1,500

3,000 1,000

S&P 500 biggest movers 2,500 500 Last price %∆ 2,000 0 L Brands Inc 68.99 4.9% 4.9% Jun Sep Dec Mar Jun Etsy Inc 178.18 4.3% 4.3% Issues Enphase Energy Inc 169.01 3.6% 3.6% < Advancing 312 < Declining 187 Freeport-Mcmoran Inc 36.79 2.8% 2.8% < Unchanged 4 Generac Holdings Inc 399.11 2.5% 2.5% Index stats: Royal Caribbean Cruises Ltd 85.33 -2.4% 2.4% < 1-yr return 36.1% Norwegian Cruise Line Holdings Ltd 30.68 -2.2% 2.2% < P/E 30.1x < Dividend yield 1.4% Carnival Corp 28.10 -2.0% 2.0% Kimco Realty Corp 20.64 -1.8% 1.8% Howmet Aerospace Inc 33.48 -1.7% 1.7%

In corporate news:

Alphabet Inc. (GOOG)

< As of Tuesday, The European Commission, the EU’s top antitrust enforcer, has opened a formal investigation into allegations that Google is favouring its own online display ad technology services and therefore breaching anti-trust rules. The investigation that has been informally underway since 2019 will look at a broad array of anticompetitive business practices including restrictions that the tech giant has placed on the ability of publishers, advertisers, and other third parties to access data about user identity and behaviour. A spokesperson for the company said in response, “thousands of European businesses use our advertising products to reach new customers and fund their websites every single day. They choose them because they’re competitive and effective. We will continue to engage constructively with the European Commission to answer their questions and demonstrate the benefits of our products to European businesses and consumers.”

Plug Power Inc. (PLUG)

< Plug Power announced Q1/21 results that beat consensus estimates on the top line but missed expectations on earnings. The hydrogen fuel cell technology provider reported a loss of US$0.12 per share (unchanged y/y) from US$72.0 million in revenue (+76% y/y), while analysts were anticipating an US$0.08 loss per share from US$67.9 million in revenue. Plug Power shipped 1,308 GenDrive units and had revenue associated with six hydrogen infrastructure systems in Q1/21 compared to 825 GenDrive units and one hydrogen infrastructure system in Q1/20. Gross billings were US$73.7 million (+71% y/y) and are expected to grow to US$115 million to US$120 million next quarter, according to PLUG President and CEO Andrew Marsh. Plug Power completed the restatement of its previously issued financial statements in its Form 10-K for the year ended December 31, 2020. The adjustments did not impact the company’s cash position, business operations, or commercial arrangements. PLUG is trading higher at midday.

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International equities

< European equities, as measured by the Stoxx Europe 600 Index, ended Stoxx Europe 600 Index (Market Closed) Level Pts Chg % Chg the day in the higher as investors assessed the outlook on inflation and 457 1.7 0.4% interest rates. 500 6,000 450 < Fifteen of the index’s twenty sectors ended the day higher, with the Basic 4,000 400 Resources sector up ~1.3%. 350 2,000 300 Stoxx Europe 600 biggest movers 250 0 Jun Sep Dec Mar Jun Last price %∆ Travis Perkins Plc 1,732.50 7.2% 7.2% Issues < Advancing 401 Kingspan Group Plc 82.20 7.1% 7.1% < Declining 183 < Unchanged 10 Beazley Plc 342.20 6.6% 6.6% British Land Co Plc/The 519.20 5.2% 5.2% Index stats: < 1-yr return 26.0% Covestro Ag 55.70 4.7% 4.7% < P/E 46.3x Shop Apotheke Europe Nv 165.30 -5.8% 5.8% < Dividend yield 2.9% Acs Actividades De Construccion Y Servicios Sa 22.94 -5.8% 5.8% Zur Rose Group Ag 375.50 -4.5% 4.5% Flughafen Zurich Ag 159.90 -4.0% 4.0% Hargreaves Lansdown Plc 1,580.50 -3.1% 3.1%

In corporate news:

Vivendi SE. (VIV)

< French media group Vivendi won 99.88% of shareholder votes for its proposed spin-off of Universal Music Group (UMG), the world’s largest music label which is home to stars including Lady Gaga, Taylor Swift, and Drake. Vivendi is planning to offer shareholders stock in UMG, which would then be listed on the Euronext in Amsterdam by the end of September. The proposal also involves distribution of 60% of UMG’s share capital to shareholders through the public listing in Amsterdam. The vote came after billionaire investor Bill Ackman’s SPAC, Pershing Square Tontine Holdings (NYSE: PSTH), signed a deal to buy 10% of UMG for around US$4 billion. The deal, announced over the weekend, gave UMG an enterprise value of US$41.55 billion for 100% of its share capital. Activists investors have been lobbying against the proposal, saying it will burden most shareholders with a heavy tax bill and needs to be organized differently. VIV shares are trading lower at midday.

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