Sector Update: Financial Stocks Hanging on for Modest Friday Gains

Last Updated: Friday, September 30, 2022 1:31 PM | MT Newswires

Financial stocks were trending higher in afternoon trading, with the NYSE Financial Index rising 0.6% while the SPDR Financial Select Sector ETF (XLF) was ahead 0.4%.

The Philadelphia Housing Index was climbing 1.1% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 1.2%.

Bitcoin was increasing 1.5% to $19,733, while the yield for 10-year US Treasurys was slipping 0.9 basis points to 3.74%.

In company news, Civista Bancshares (CIVB) rose almost 1% after the bank holding company Friday said it was acquiring Vision Financial Group, paying $28.6 million in cash for the equipment leasing and funding company plus $5.3 million in Civista common stock and the assumption of $7.9 million in subordinated debt. The deal is expected to close Monday, subject to customary conditions, the company said.

Arrow Financial (AROW) was flat this afternoon, giving back a 0.5% gain earlier Friday after saying chief financial officer Edward Campanella has resigned and will be succeeded on an interim basis by Arrow CEO Thomas Murphy during the search for a permanent CFO.

Janus Henderson Group (JHG) fell 3.5% after the asset manager Friday said board chairman Richard Gillingwater will retire at the end of the year and that non-executive directors Jeffrey Diermeier and Lawrence Kochard also plan to step down on Nov. 3.

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