Brookfield S&P Snub Creates Buying Opportunity, Scotiabank Says

Brookfield Asset Management’s goal of entering the S&P 500 Index while staying in the Canadian stocks benchmark has been delayed, setting up a “tactical buying opportunity,” according to analysts with Bank of Nova Scotia.

S&P Dow Jones Indices did not change the company’s domicile to the US from Canada during its latest round of quarterly rebalancing on Friday, an adjustment that is needed for it to join the key US stocks gauge. Shares of Brookfield Asset Management have fallen as much as 5.1% since the announcement, erasing $4 billion in market capitalization as investors unwind bets that the ...