As the tax-loss selling season approaches, Bank of Nova Scotia is recommending switch trades in a year where broad-based gains necessitate more targeted action.
November 22, 2024 at 12:31PM EST --
The bank is recommending tactical switch trades: selling a year-to-date loser to buy a stock with exposure in the same sector to capture potential upside. In some cases, these are short-term ideas, and the recommendation is to switch back into underperforming names early in 2025. Other large switch-trade candidates include selling Canadian National Railway, down 6.6%, to buy Cargojet, up 3.7%, in the logistics space; and selling potash producer Nutrien Ltd., down 12%, to buy West Fraser Timber Co., up 17%.
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