RE: BNS Selling The explanation I received was that Scotia held a large number of shares for several years, much more so than they generally do. The turnaround in AM's revenues and earnings plus the special dividends created the liquidity for Scotia to take profits. They did so initially in a very responsible way, around the $2.70 level. In short, they began selling because they could.
The X-CEO took his profits less responsibly, knocking the share price down just after extremely strong 2011 results were released and the annual dividend was raised. Go figure!
Only 900 insider shares sold yesterday. We can only hope they are finally finished selling and a strong Q1 puts some legs back into the stock price. Of couse the overall markets are not helping. Some analysts see the correction continuing and say we could see a further 20% decline. AM's yield and fundamentals may help short term.