Negative momentum has a way of building upon itself, and that seems to be the case here. It is a relatively thin trader, and it seems like some big holders are just trying to exit. The financial sector of course has been very weak recently, and, while there is a cushion over the NAV minimum, it is not huge (12%). In fact, the TSX financial sector is down 7% since Sept 15 alone. Thus, the cushion is getting smaller daily, and some investors look to be trying to get out in case the dividend is indeed suspended soon. The leverage of course is there if things improve. FTN has suspended its dividend before, but other than in the pandemic the suspensions were very brief. We would not call it a screaming buy, though, with such a small cushion. More of a somewhat interesting speculation for those who think the financial sector sell off is overdone, though.
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