Shares of National Bank of Canada NA dropped 0.38% to C$120.01 Thursday, in what proved to be an all-around negative trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE falling 0.79% to 25,128.24.

National Bank of Canada on Wednesday set aside larger than expected reserves for bad loans, signaling challenges ahead even as strong income from dealmaking helped deliver a profit beat. Shares of Montreal-based National Bank,

Bank of America Securities initiated coverage of National Bank of Canada (OTCPK:NTIOF) with a Buy rating, as analyst Ebrahim H. Poonawala sees a significant opportunity for the bank to boost its business beyond its home turf of Quebec.