Sector Update: Financial Hanging on for Slim Thursday Gains

Last Updated: Thursday, December 8, 2022 3:51 PM | MT Newswires

The Philadelphia Housing Index was climbing 0.3% and the SPDR Real Estate Select Sector ETF (XLRE) was gaining 0.81%.

Bitcoin was increasing 2.4% to $17,223, while the yield for 10-year US Treasuries was climbing 8.3 basis points to 3.491%.

In company news, Zillow Group (Z, ZG) fell 2.4% after the digital real estate brokerage Thursday said it has completed its buyout of real estate media marketing and services provider VRX Media. Financial terms of the deal were not disclosed.

Marcus & Millichap (MMI) fell nearly 1% after saying its Institutional Property Advisors subsidiary brokered the $116 million sale of a multifamily property in Gilbert, Arizona, representing the seller and identifying the buyer of the 356-unit Liv Crossroads community.

Manulife Financial (MFC) turned fractionally lower late Thursday, slipping 0.1%, after the insurer announced a new partnership with the National Geographic Society to safeguard nearly a dozen historical and culturally significant heritage sites from the effects of climate change. The Preserving Legacies initiative will also focus on knowledge-sharing between the locations to develop adaptation plans.

To the upside, Kearny Financial (KRNY) gained 11% after the bank holding company Thursday said it has completed a restructuring of its investment securities portfolio, selling $121.4 million of lower-yielding debt securities and reinvesting the net proceeds in higher-yielding notes while also buying nearly $100 million of additional debt securities. It also said it is working to lower costs by 5% to 10%, likely by reducing spending on vendor services, automating or outsourcing routine activities and unspecified job realignments.

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