Sector Update: Financial Stocks Hanging onto Afternoon Advance

Last Updated: Thursday, August 11, 2022 3:49 PM | MT Newswires

Financial stocks were higher late in afternoon trading, with the NYSE Financial Index rising 0.4% and the SPDR Financial Select Sector ETF (XLF) ahead 1.1%.

The Philadelphia Housing Index was climbing 0.8% although the SPDR Real Estate Select Sector ETF (XLRE) was falling 0.7%.

Bitcoin was increasing 2.2% to $24,169, while the yield for 10-year US Treasuries was climbing 10.2 basis points to 2.888%.

In company news, Hut 8 Mining (HUT) climbed 9.8% after the cryptocurrency company reported a 31% increase in Q2 revenue over year-ago levels to CA$43.8 million.

Tricon Residential (TCN) rose 1.3% after the rental housing company reported non-GAAP funds from operations of $0.13 per share for its Q2 ended June 30, improving on adjusted FFO of $0.11 per share during the year-ago period and beating the Capital IQ consensus for the three months ended June 30 by $0.01 per share.

Manulife Financial (MFC) was falling 1.1%, reversing a small morning gain, after the Canadian insurance and asset management company reported core Q2 earnings of CA$0.78 per share, down from CA$0.83 per share during the same quarter in 2021 but still exceeding analyst estimates looking for core earnings of $0.76 per share.

Main Street Capital (MAIN) declined 4.2% after the business development company Thursday priced a $50.1 million public offering of nearly 1.2 million common shares at $42.85 each, or 4.5% under its most recent closing price. After deducting underwriting discounts and other offering costs, Main Street is expecting to pocket around $47.9 million in net proceeds.

Share this article:

Related Companies

You May Also Like