Sector Update: Financial Stocks Carried Higher in Rising Monday Markets

Monday, November 23, 2020 3:50 PM | MT Newswires

Financial stocks continued to rise in afternoon trading, with the NYSE Financial Index climbing 1.8% while the SPDR Financial Select Sector ETF was ahead 1.9%.

The Philadelphia Housing Index also was up 2.0%.

In company news, Front Yard Residential Corp (RESI) raced almost 22% higher on Monday after a consortium led by Pretium and funds managed by Ares Management raised their buyout proposal for the real estate investment trust by 20.4% over their prior offer to $16.25 per share from $13.50 a share. The new acquisition bid values Front Yard at around $2.5 billion, including debt. Ares shares were fractionally lower in late trade.

MICT (MICT) climbed 5% after Monday saying it expects up to several millions of dollars in recurring revenue each month beginning early in 2021 after its new GFH Intermediate Holdings subsidiary secured a number of new insurance deals. The unit has set first-year targets of securing more than $250 million in revenue and over $10 million of gross margins.

Western Union (WU) was 2.5% higher in late trade after the payments company said it was acquiring a 15% stake in Saudi Digital Payments Co, the digital payments subsidiary of Saudi Telecom, for $200 million. Western Union (WU) Monday also said customers can now send money to 100 countries through its digital payout service.

Visa (V) also rose 2.2% after Monday announcing a new collaboration with the virtual payments technology company Conferma Pay to create Visa Commercial Pay. Financial terms of the partnership were not disclosed but the companies said the new suite of business-to-business payment services will provide card-program management, including app-based, on-demand virtual card issuance to employees' mobile devices.

Share this article:

Related Companies

You May Also Like

Related Articles

Wall Street Leans Back Pre-Bell; Futures Red, Europe Higher, Asia Lower

Asian Stock Markets Decline on Profit-Taking, US Stimulus Outlook

Hong Kong Hang Seng Slumps 2.6%, Shanghai Down 1.5% in Sell-Off

Nikkei 225 Down 1.0% on Profit-Taking, Soft US Futures,

Sector Update: Health Care Stocks Close Higher, Propelled by Biotech Shares

Related Companies